Question

Use the accrual basis of accounting for the following chart of accounts: Balance Sheet Accounts Cash...

Use the accrual basis of accounting for the following chart of accounts:

  • Balance Sheet Accounts
    • Cash
    • Petty cash
    • Accounts receivable
    • Prepaids
    • Equipment
    • Accumulated depreciation
    • Accounts payable
    • Accrued liabilities
  • Income Statement Accounts
    • Revenue
    • Insurance expense
    • Hydro expense
    • Depreciation expense

For the transactions listed below indicate the account that should be debited and credited:

Description

Debit Account

Credit Account
  1. Receive invoice to pre-pay insurance premium for 1 year

Prepaids

Cash
  1. Amortise 1-month of above prepaid insurance

Insurance expense

Prepaids
  1. Issue invoice to resident for current month billing

  1. Receive cheque from above resident for payment of invoice & deposit to bank

  1. Receive invoice to buy equipment that was delivered

  1. Pay invoice by cheque for the above equipment

  1. Record depreciation of above equipment

Depreciation Expense

Accumulated Depreciation
  1. Receive cash donations for general use

Cash

  1. Record initial set up of a petty cash fund

Petty Cash

Cash
  1. Ministry of Health & Long-term Care revenue payment subsidy received (not in Accounts Receivable)

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