Using the Accounts Below, Determine the Accounts to Be Debited

question 112

Essay

Using the accounts below, determine the accounts to be debited and credited for each of the transactions below.
Accounts
Cash
Dividends
Supplies
Revenue
Machinery
Salaries Payable
Accounts Payable
Salaries Expense
Retained Earnings
Accounts Receivable
Wages Expense
Transactions
1. Paid wages for cash.
2. Purchased equipment for cash.
3. Earned revenue on account.
4. Purchased supplies on account.
5. Paid for supplies purchased in 4.
6. Received payment from customer in 3.
7. Paid employee salaries.
8. Purchased machinery on credit.
9. Paid dividends to shareholders.

---

Definitions:

Probability Distribution

A mathematical description of the likelihood of different outcomes in an experiment, showing how probabilities are distributed over a range of values.

Variance

A statistical measure that represents the average squared deviation from the mean, indicating how spread out a data set is.

Law of Total Probability

A fundamental rule that provides a way to break down the probabilities of complex events into more manageable pieces.

Mutually Exclusive

Events that cannot occur at the same time, meaning the occurrence of one event makes it impossible for the other event to occur.