Given the Following Accounts, Identify Which Account(s), by Letter, Would

question 70

Essay

Given the following accounts, identify which account(s), by letter, would be debited or credited for the following transactions.
A. Cash
B. Accounts Receivable
C. Supplies
D. Computer Equipment
E. Accounts Payable
F. Fees Revenue
G. Marketing Expense
H. Salaries Expense
I. Internet Expense
J. Office Equipment
K. Common Shares
L. Rent Expense
1. Purchased supplies on account.
2. Purchased computer equipment for cash.
3. Earned revenue from doing tax returns on account.
4. Paid this month's rent.
5. Paid a bill due on account.
6. Collected payment from a customer.
7. Invested additional cash into the business.
8. Paid the marketing bill.
9. Earned revenue from doing tax returns for cash.
10. Paid salaries in cash.
11. Purchased office equipment on account.

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Definitions:

Employ Employees

The act of hiring individuals to perform services or tasks for compensation.

Partnership Business

An officially recognized form of enterprise undertaken by two or more participants, who equally manage the business and its profits.

Agent

A person authorized to act on behalf of another, often in business transactions.

Employee

An individual who provides labor or services to another person or business in exchange for compensation under agreed terms.