College Accounting - Transactions

Received cash and gave capital to owner

• Debit capital

• Debit cash

• Credit cash

• Credit withdrawals

Received cash and gave capital to owner

• Debit capital

• Credit cash

• Credit capital

• Debit withdrawals

Paid cash to acquire land to be used in operations

• Debit cash

• Credit cash

• Credit land

• Debit operations expense

Paid cash to acquire land to be used in operations

• Debit cash

• Credit land

• Debit land

• Debit operations expense

Purchased office supplies on account

• Credit equipment

• Credit accounts receivable

• Credit office supplies

• Credit accounts payable

Purchased office supplies on account

• Debit equipment

• Debit accounts receivable

• Debit office supplies

• Debit accounts payable

Performed services for a client and received cash

• Credit cash

• Credit service revenue

• Credit accounts receivable

• Credit unearned revenue

Performed services for a client and received cash

• Debit cash

• Debit service revenue

• Debit accounts receivable

• Debit unearned revenue

Paid employees' salary

• Debit salaries expense

• Debit cash

• Credit service revenue

• Credit salaries expense

Paid employees' salary

• Debit cash

• Credit cash

• Credit service revenue

• Credit salaries expense