Glencoe Accounting

Chapter 4: Transactions that Affect Assets, Liabilities, and Owner's Capital

Homework Practice

Analyzing Transactions

Instructions

Write a short sentence describing each transaction listed below.

a.   Office Supplies is debited for $100 and Cash is credited for $100.

b.   Equipment is debited for $500 and Accounts Payable is credited for $500.

c.   Cash is debited for $1,000 and Peggy Heedy, Capital, is credited for $1,000.

d.   Accounts Payable is debited for $500 and Cash is credited for $500.

e.   Cash is debited for $250 and Service Fees is credited for $250.

f.   Accounts Receivable is debited for $325 and Service Fees is credited for $325.