On January 1, Merry Walker and Other Stockholders Established a Catering

question 40

Essay

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions a through d, each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account numbers in the appropriate box.
1. Cash
2. Accounts Receivable
3. Supplies
4. Prepaid Insurance
5. Equipment
6. Truck
7. Notes Payable
8. Accounts Payable
9. Common Stock
10. Dividends
11. Fees Earned
12. Wages Expense
13. Rent Expense
14. Utilities Expense
15. Truck Expense
16. Miscellaneous Expense

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Definitions:

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A condition that is not specifically and explicitly stated but is inferred from the nature and language of the contract.

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