PARRISH 4-12 LEDGER POSTINGS Accounts Payable $500 Accounts Receivable $1000 Accumulated Depreciation, Equipment $500 Cash $600 Common Stock $1200 Depreciation Expense, Equipment $0 Equipment $2300 Insurance Expense $0 Inventory $2000 Prepaid Insurance $600 Retained Earnings $2800 Service Fee Revenues $3500 Supplies $700 Supplies Expense $0 Wages Expense $1300 Wages Payable $0 Please 1) Give the account name 2) Include a description 3) and if it is a debit or credit, and what the balance is.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 18CE: CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported...
icon
Related questions
icon
Concept explainers
Topic Video
Question

PARRISH 4-12 LEDGER POSTINGS

Accounts Payable $500

Accounts Receivable $1000

Accumulated Depreciation, Equipment $500

Cash $600

Common Stock $1200

Depreciation Expense, Equipment $0

Equipment $2300

Insurance Expense $0

Inventory $2000

Prepaid Insurance $600

Retained Earnings $2800

Service Fee Revenues $3500

Supplies $700

Supplies Expense $0

Wages Expense $1300

Wages Payable $0

Please 1) Give the account name 2) Include a description 3) and if it is a debit or credit, and what the balance is.

 

 

Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,