Exercises
Ex. 187
The chart of accounts used by Ming Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.
CHART OF ACCOUNTS
101Cash209Unearned Service Revenue
112Accounts Receivable311Share Capital-Ordinary
126Supplies332Dividends
157Equipment400Service Revenue
200Note Payable610Advertising Expense
201Accounts Payable729Rent Expense
———————————————————————————————————————————
Number(s)Number(s)
of account(s)of account(s)
debitedcredited
1. The company issues ordinary shares in exchange for ¥90,000,000 cash.
2. Purchased three photocopy machines for ¥200,000,000, paying ¥50,000,000 cash and signing a 5-year, 10% note for the remainder.
3. Purchased ¥5,000,000 supplies on credit.
4. Cash photocopy revenue amounted to ¥7,000,000.
5. Paid ¥500,000 cash for radio advertising.
6. Paid ¥800,000 on account for supplies purchased in transaction 3.
7. The company paid dividends of ¥1,500,000.
8. Paid ¥1,200,000 cash for rent for the current month.
9. Received ¥2,000,000 cash advance from a customer for future copying.
10. Billed a customer for ¥450,000 for photocopy work done.