Question

For the entries below, identify the account to be debited and the account to be credited....

For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts.

  1. Entry to record wage expenses incurred but not yet billed or recorded.
  2. Entry to record services revenue earned but not yet billed or recorded.
  3. Entry to record consulting services performed but not yet billed or recorded.
  4. Entry to record service revenues performed but not yet billed or recorded.
  5. Entry to record janitorial expense incurred but not yet paid.
Accounts Account Title Financial Statement
a. Account to be debited
Account to be credited
b. Account to be debited
Account to be credited
c. Account to be debited
Account to be credited
d. Account to be debited
Account to be credited
e. Account to be debited
Account to be credited

Homework Answers

Answer #1

--Requirements asked

Accounts

Account Title

Financial Statement

a.

Account to be debited

Wages Expense

Income Statement

Account to be credited

Wages Payable

Balance Sheet

b.

Account to be debited

Account receivables

Balance Sheet

Account to be credited

Service Revenue

Income Statement

c.

Account to be debited

Accounts receivables

Balance Sheet

Account to be credited

Consulting Services revenue

Income Statement

d.

Account to be debited

Account receivables

Balance Sheet

Account to be credited

Service Revenue

Income Statement

e.

Account to be debited

Janitorial Expense

Income Statement

Account to be credited

Expense payable (or Accounts Payable) (or Janitorial expense payable)

Balance Sheet

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