154. David Roberts is a real estate appraiser. Shown below are (a) several accounts in his ledger with each account preceded by an identification number and (b) several transactions completed by Roberts. Indicate the accounts debited and credited when recording each transaction by placing the proper account identification numbers to the right of each transaction.
1.
Accounts Payable
8.
Office Supplies Expense
2.
Accounts Receivable
9.
Prepaid Insurance
3.
Appraisal Fees Earned
10.
Salaries Expense
4.
Cash
11.
Telephone Expense
5.
Insurance Expense
12.
Unearned Appraisal Fees
6.
Office Equipment
13.
Common Stock
7.
Office Supplies
14.
Dividends
Example
Debit
Credit
Completed an appraisal for a client who promised to pay at a later date.
2
3
A.
Received cash in advance for appraising an office building.
B.
Purchased office supplies on credit.
C.
Paid a cash dividend.
D.
Received the telephone bill of the business and immediately paid it.
E.
Paid the salary of the office assistant.
F.
Paid for the supplies purchased in transaction B.
G.
Completed an appraisal for a client and immediately collected cash for the work done.
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