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a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Purchased land for cash....

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a.

In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:


EventAccount DebitedAccount Credited
(1) Purchased land for cash. (Click to select)Salaries payableService revenueSuppliesLandCashCommon stockEquipmentSalaries expenseAccounts payable (Click to select)SuppliesCashNotes payableCommon stockAccounts receivableSalaries expenseSalaries payableService revenueEquipment
(2)Paid a cash dividend to the stockholders. (Click to select)Accounts receivableDividendsService revenueCommon stockSalaries payableSalaries expenseSuppliesLandEquipment (Click to select)Salaries payableAccounts receivableSalaries expenseSuppliesCashCommon stockNotes payableService revenueEquipment
(3)Provided services for cash. (Click to select)Notes payableCashSalaries payableSuppliesAccounts receivableService revenueCommon stockPrepaid rentEquipment (Click to select)Notes payableAccounts receivableSuppliesCommon stockSalaries expensePrepaid rentEquipmentSalaries payableService revenue
(4)Recognized accrued salaries at the end of the period. (Click to select)Common stockSalaries expenseCashService revenueEquipmentAccounts receivableSalaries payableSuppliesAccounts payable (Click to select)SuppliesSalaries payableService revenueEquipmentCashNotes payableSalaries expenseCommon stockAccounts payable
(5)Recognized accrued interest revenue. (Click to select)Accounts receivableCashEquipmentCommon stockSalaries expenseLandSalaries payableSalaries expenseInterest receivable (Click to select)CashCommon stockService revenueEquipmentSalaries expenseAccounts receivableSuppliesInterest revenueSalaries payable
(6)Provided services on account. (Click to select)Salaries expenseNotes payableSalaries payableDividendsSuppliesService revenueCommon stockCashAccounts receivable (Click to select)EquipmentCommon stockAccounts receivableNotes payableCashService revenueSuppliesSalaries expenseSalaries payable
(7)Paid cash for operating expenses. (Click to select)Rent expenseSuppliesAccounts receivableSalaries payableCommon stockSalaries expenseOperating expenseCashService revenue (Click to select)Accounts receivableCashAccounts payablePrepaid rentSalaries expenseSalaries payableSuppliesNotes payableCommon stock
(8)Acquired cash from the issue of common stock. (Click to select)Salaries payableSalaries expenseCashAccounts receivableEquipmentNotes payableSuppliesService revenueCommon stock (Click to select)Service revenueSalaries payableEquipmentAccounts receivableCommon stockCashSuppliesNotes payableSalaries expense
(9)Purchased supplies on account. (Click to select)EquipmentCashSalaries payableAccounts receivableCommon stockInterest receivableSuppliesNotes payableService revenue (Click to select)SuppliesInterest revenueAccounts receivableNotes payableCommon stockService revenueAccounts payableCashSalaries expense

b.

Show how each transaction affects the financial statements by placing a + for increase, – for decrease, and NA for not affected under each component in a horizontal statements model like the one shown below. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is recorded as an example. (Leave no cells blank - be certain to select "NA" wherever required.)


No.Assets=Liab.+EquityRev.–Exp.=Net Inc.Cash Flow
(1) +/– NA NA NA NA NA –IA
(2)(Click to select)NA+/-+-(Click to select)-NA++/-(Click to select)+/-NA+-(Click to select)NA+-+/-(Click to select)+/--NA+(Click to select)++/--NA(Click to select)++/-NA-(Click to select)FANAIAOA
(3)(Click to select)-++/-NA(Click to select)NA-+/-+(Click to select)+/--NA+(Click to select)+NA+/--(Click to select)+-+/-NA(Click to select)+/-+-NA(Click to select)-NA+/-+(Click to select)NAOAFAIA
(4)(Click to select)NA+-+/-(Click to select)-+/-+NA(Click to select)++/--NA(Click to select)NA+/-+-(Click to select)+/-+NA-(Click to select)+/--NA+(Click to select)NA-+/-+(Click to select)IAFAOANA
(5)(Click to select)-+/-+NA(Click to select)++/--NA(Click to select)+/-NA-+(Click to select)+/-NA-+(Click to select)+/--+NA(Click to select)+NA-+/-(Click to select)+/-+-NA(Click to select)FANAIAOA
(6)(Click to select)NA-++/-(Click to select)NA+-+/-(Click to select)++/-NA-(Click to select)+-NA+/-(Click to select)+NA+/--(Click to select)+/-NA+-(Click to select)NA++/--(Click to select)IANAFAOA
(7)(Click to select)+/--NA+(Click to select)++/-NA-(Click to select)-NA++/-(Click to select)+-NA+/-(Click to select)+/--NA+(Click to select)++/--NA(Click to select)++/--NA(Click to select)FAOANAIA
(8)(Click to select)NA-+/-+(Click to select)+NA-+/-(Click to select)+/-+-NA(Click to select)-NA++/-(Click to select)-+/-+NA(Click to select)++/-NA-(Click to select)NA-++/-(Click to select)FANAIAOA
(9)(Click to select)+/-NA-+(Click to select)NA-+/-+(Click to select)+-NA+/-(Click to select)-+/-NA+(Click to select)-NA+/-+(Click to select)+NA-+/-(Click to select)-++/-NA(Click to select)IANAFAOA
Answered Same Day Dec 24, 2021

Solution

David answered on Dec 24 2021
125 Votes
Record each of the following Jackson Co. events in T-accounts and then explain how the event affects the
accounting equation: (Leave no cells blank - be certain to enter "0" wherever required.)

a. Received $40,000 cash by issuing common stock.
. Purchased supplies for $1,800 cash.
c. Performed services on account for $14,000.
d. Paid cash for $8,000 of salaries expenses.

a.
Cash Common Stock
Debit


Credit


Debit


Credit
40000

0

0

40000


.
Supplies Cash
Debit


Credit


Debit


Credit
1800

0

0

1800


c.
Accounts Receivable ...
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