Sprinkler Blowout Company Entered into the Activities Listed in the Table

question 38

Essay

Sprinkler Blowout Company entered into the activities listed in the table below.The company's chart of accounts appears below the list of activities.
For each activity,decide whether a transaction has occurred,and,if so,indicate the account(s)that should be debited and the account(s)that should be credited in the related journal entry by entering the appropriate account number(s)in the "Debit" and "Credit" columns in the table.If the activity is not a transaction,enter the word "None" in the "Debit" column for that activity.
The account numbers to be used in the journal entry prepared for the first transaction are provided as an example.

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Definitions:

Reasonable Opportunity

A circumstance where an individual or party is given a fair and sufficient chance to undertake an action or fulfill an obligation.

Counteroffer

A reply to a proposal where the initial conditions are declined and alternative conditions are suggested.

Accepted Painting

An artwork that has been officially received or approved, often in the context of submissions to a gallery or competition.

Defective Goods

Products that are not as promised or are hazardous due to manufacturing or design flaws.