Read Each Transaction and Identify the Journal in Which the Transaction

question 182

Essay

Read each transaction and identify the journal in which the transaction should be recorded.
1. Recorded adjusting journal entry for accrued interest
2. Performed advising services on account
3. Purchased office supplies on account
4. Borrowed money for expansion project
5. Received $500 from Tool Tech. on account
6. Owner withdrew cash for personal use
7. Paid monthly rent
8. Recorded depreciation on equipment
9. Completed Job 34aG for services provided to Beard Co.
10. Purchased inventory on account

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Definitions:

Transactions

The act of conducting business or commercial activities that involve the exchange of goods, services, or funds between two or more parties.

Contracts

Legal documents that outline the terms and conditions of an agreement between two or more parties, creating obligations that are enforceable by law.

Sale of Land

A legal transaction in which the ownership of property land is transferred from one party to another.

Acceptor

In the context of banking, the party who agrees to pay a bill of exchange upon its presentation, typically the drawee who becomes liable for payment.