Asked by robin singh on Apr 27, 2024
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On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.
1.Cash
2.Accounts Receivable
3.Supplies
4.Prepaid Insurance
5.Equipment
6.Truck
7.Notes Payable
8.Accounts Payable
9.Common Stock
10.Dividends
11.Fees Earned
12.Wages Expense
13.Rent Expense
14.Utilities Expense
15.Truck Expense
16.Miscellaneous Expense 
Prepaid Insurance
An asset account that reflects the amount paid for insurance policies in advance, before the coverage period begins.
Accounts Receivable
Financial obligations customers have to a business for received services or goods that have not been paid for.
Miscellaneous Expense
Expenses that do not fit into any specific category of the business's financial statements, often small or infrequent costs.
- Accomplish the process of entering journals for a range of business transactions, using the double-entry accounting technique.
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AT
Learning Objectives
- Accomplish the process of entering journals for a range of business transactions, using the double-entry accounting technique.