NAME: LABADAN, CHERRY MAE R.
BSIT 2A
Problem #3
DEBIT AND CREDIT
For each of the following independent events, indicate the accounts that should be debited and
credited. The accounts for the first event are identified as an example:
EVENT ACCOUNT DEBITED ACCOUNT CREDITED
a. Received cash from the
owner as investment
Cash Rey Fernan
Refozar, Capital
b. Provided service on
account
Account Receivable Service Revenue
c. Purchased supplies on
account
Supplies Accounts Payable
d. Paid cash in advance
for one year’s rent
Operating Expenses Cash
e. Paid account payable. Account Receivable Service Revenue
f. Paid cash for operating
expense
Operating Expenses Cash
g. Collected cash for
service performed
Cash Service Revenue
h. Received cash in
payment of account
receivable
Cash Accounts receivable
i. Disbursed cash to
owner for personal
emergency
Personal Expense Cash
j. Received cash for
services to be
performed in the future
Cash Unearned revenue
k. Paid salaries of staff for
one month
Salaries Payable Cash
