College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570



College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

SOLID ROCK GYM, San Diego, California

Individuals and groups of all ages come to Solid Rock Gym for fun and fitness. Services include several types of indoor rock-climbing experiences such as individual and group instruction, team development, and fitness programs. Solid Rock Gym also offers bouldering (climbing close to the bottom—no rope or hardware), top-roping (climbing while protected by a rope running through anchors above the intended route), and lead climbing (climbing while protected by a rope clipped to anchors as the climber ascends a route). List five transactions that Solid Rock Gym might record during the month. Determine what accounts are involved and whether the accounts are debited or credited. Example: Transaction 0. Owner invested cash in the business. Accounts involved: Cash and Capital. Cash is debited, and Capital is credited.

To determine

List five transactions that should be recorded by Company S identify the accounts involved and state whether the accounts are debited or credited.


Accounting event:

An accounting event is a cost-effective event that alters assets, liabilities, or stockholders’ equity of a Company.

Five transactions are listed below along with the accounts involved and the accounts that are debited and credited:

Serial NumberTransactionsAccounts InvolvedDebit/Credit
1Purchase of rock-climbing equipment on accountEquipment and Accounts payableEquipment accounts is debited and Accounts payable is credited

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