1. For the following events, write the name of the account to be debited and credited. Event Account Debited Account Credited 1. Purchased supplies for cash. 2. Paid in advance for two-year lease on office space. 3. Provided services on account. 4. Recognized expense for prepaid rent that had been used up by the end of the accounting period. 5. Recognized accrued interest revenue 5. Recorded accrued salaries at the end of he accounting period.

1. For the following events, write the name of the account to be debited and credited. Event Account Debited Account Credited 1. Purchased supplies for cash. 2. Paid in advance for two-year lease on office space. 3. Provided services on account. 4. Recognized expense for prepaid rent that had been used up by the end of the accounting period. 5. Recognized accrued interest revenue 5. Recorded accrued salaries at the end of he accounting period.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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