Prepare the journal entry to record each of the transaction

Assignment Help Financial Econometrics

Reference no: EM13333148

Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.

Account Normal Balance

1. Cash _______

2. Prepaid Insurance _______

3. Retained Earnings _______

4. Bonds Payable _______

5. Investments _______

6. Capital Stock _______

7. Advertising Fees Earned _______

8. Wages and Salaries Expense _______

9. Wages and Salaries Payable _______

10. Office Supplies _______

11. Dividends _______

Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identification purposes.)

1. Services provided on account of $1,530

2. Purchases of supplies on account for $1,365

3. Services provided for cash of $750

4. Purchase of equipment for cash of $4,240

5. Issuance of a promissory note for $2,500

6. Collections on account for $890

7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000

8. Payment of $4,000 in salaries and wages

9. Payment of open account in the amount of $500

Reference no: EM13333148

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