PARRISH 2-1 (COPYMASTER TRANSACTIONS) In the following transactions please state if they fall under Assets, Liabilities, or Equity and if they would be debited or credited for each transaction. 1) Shareholders invested $500 to start the business 2) Copymaster bought a copy machine for $1500 3) Copymast sold copies to customers for $500 cash 4) Copymaster produced copies for Fellows Corp. , its customer. The total sale amount was $1250. Copymaster agreed to bill Fellows for the sale at the end of the month 5) Copymaster paid employees $600 6) Copymaster bought supplies for $300 7) Copymaster paid rent of $700 8) Copymaster paid utilities of $200 9) Copymaster bought office furniture for $500 10) Copymaster had an unpaid phone bill at the end of the month
PARRISH 2-1 (COPYMASTER TRANSACTIONS)
In the following transactions please state if they fall under Assets, Liabilities, or Equity and if they would be debited or credited for each transaction.
1) Shareholders invested $500 to start the business
2) Copymaster bought a copy machine for $1500
3) Copymast sold copies to customers for $500 cash
4) Copymaster produced copies for Fellows Corp. , its customer. The total sale amount was $1250. Copymaster agreed to bill Fellows for the sale at the end of the month
5) Copymaster paid employees $600
6) Copymaster bought supplies for $300
7) Copymaster paid rent of $700
8) Copymaster paid utilities of $200
9) Copymaster bought office furniture for $500
10) Copymaster had an unpaid phone bill at the end of the month
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
