Listed below are numerous October 2024 transactions for Shaw…
Questions
Listed belоw аre numerоus Octоber 2024 trаnsаctions for Shawarma Hut Naans, a bakery. Following the transactions, numerous accounts are shown in alphabetic order. Note that each account may be used more than once. Required: Using the accounts shown at the end of the transactions, list the account to be debited and the account to be credited. Ignore dollar amounts in your answer. The first transaction is done as an example. DEBIT CREDIT Example BRT paid $5,000 for wages this week. Wage expense Cash 1 Purchased merchandise for $20,000 and paid cash. 2 The company repaid a $10,000 loan owing to the Servus Credit Union 3 The company issued 10,000 common shares for $100,000. 4 Sales on credit during the month were $100,000. 5 The cost of the inventory that was sold to customers in #4 was $60,000. Accounts for transaction above: cash accounts payable common shares accounts receivable wages payable sales revenue inventory Interest payable cost of goods sold Prepaid expense unearned revenue insurance expense Property, plant and equipment bank loan payable rent expense
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