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12 Cards in this Set

  • Front
  • Back
Invested 20,000 in a business in exchange for Cap. Stock?
Cash increased (debt) 20,000

Cap. Stock decreased (credit) 20,000
Paid 20,000 for land as a future bldg site?
1. 20,000 increased- debit to Land

2. 20,000 decrease-credit to cash
Purchased supplies on account for 1,350?
1. 1,350 increase-debit to supplies

2. 1,350 increase-credit to Acct. payable
Rec'v cash of 7,500 from customers for services provided?
1. 7,500 increase-debt to cash

2. 7,500 increase-credit to Fees Earned
Incurred wage exp of 200 and rent exp of 500 and utility exp of 200?
1. An increase-debit wage, rent and utility exp

2. An decrease=credit also to cash
Paid creditors on account of 950 ?
1. 950 decrease-debit to Acct. payable

2. 950 decrease-credit to cash
1,350 - 550 of supplies. The cost of supplies on hand was 550?
1. 800 increase-debit to Supp. exp

2. 800 decrease-credit to Supplies
Paid $2,000 of dividends to SO?
1. $2,000 increase-debit to Dividends

2. $2,000 decrease-credit to cash
Prepaid $2,400 for insurance to cover for one year?
1. $2,400 increase-debit to prepaid insurance

2. $2,400 decrease-credit to cash
Prepaid monthly rent of $800 in the end of the month?
1. $800 increase-debit to rent exp.

2. $800 decrease-credit to Cash
Rented my Land for 3 months for $350?
1. $350 increase-debit to cash

2. $350 increase-credit to Unearned Rent
Purchased $1,800 of office equipment on account?
1. $1,800 increase-debit to Office Equip

2. $1,800 increase-credit to Acct. Payable