Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account. Photo supplies debit, $2,000Accounts payable credit, $2,000Cash debit, $500.Unearned revenue credit, $500Equipment debit, $5,000Note payable, $5,000Cash debit, $850Revenue credit, $850Accounts payable debit, $400Cash credit, $400Unearned revenue debit, $500Revenue credit, $500Accounts receivable debit, $2,500Revenue credit, $2,500Notes payable debit, $200Cash credit, $200Expense debit, $1,500Photo supplies credit, $1,500

Name: Everett Photography specializes in engagements and weddings, reunions,
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett.

The journal entries are prepared to record the day to day transactions on the regular basis. The…

Answered: Everett Photography specializes in…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter1: Business Transactions (ptrans)

Section: Chapter Questions

Problem 4R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...

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Everett Photography specializes in engagements and weddings, reunions, and family portraits. Everett is reviewing the following analysis of events provided by his accountant, but he cannot understand this analysis. Describe the events for Everett. Example - A. Everett bought $2,000 of photo supplies on account.

Photo supplies debit, $2,000

Accounts payable credit, $2,000

Cash debit, $500.

Unearned revenue credit, $500

Equipment debit, $5,000

Note payable, $5,000

Cash debit, $850

Revenue credit, $850

Accounts payable debit, $400

Cash credit, $400

Unearned revenue debit, $500

Revenue credit, $500

Accounts receivable debit, $2,500

Revenue credit, $2,500

Notes payable debit, $200

Cash credit, $200

Expense debit, $1,500

Photo supplies credit, $1,500

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