For Each Transaction Provided, Choose the Appropriate Account from the List

question 84

Short Answer

For each transaction provided, choose the appropriate account from the list that would receive a debit entry as a result of the transaction. (Choices may be used more than once.)
a.Cash
b.Accounts receivable
c.Supplies
d.Prepaid insurance
e.Land
f.Equipment
g.Accounts payable
h.Unearned revenues
i.Notes payable
j.Common stock
k.Retained earnings
l.Service revenue
m.Salary expense
n.Insurance expense
o.Utilities expense
p.Dividends
-Collecting from customers for services sold previously on credit

---

Definitions:

Age of 21

The age at which an individual is considered legally competent to engage in certain contracts and responsibilities in many jurisdictions.

Minor

A person under the legal age of adulthood, which varies by country, often considered to be under 18 years old.

Disaffirmance

Refers to the legal right to renounce or void a contract or agreement, particularly used in cases involving minors or instances of fraud.

Twenty-First Birthday

A milestone marking a person's legal transition into full adulthood in many jurisdictions, often associated with gaining the legal right to consume alcohol.