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Accounting Questions

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Accounting Questions
Directions: Record (“book”) the following accounting transactions.
1) A business books $265 of services it has already completed for a customer, but not yet been
paid for.
2) A business buys $230 of supplies on account. Book as (a) an expense, and (b) an asset.
3) Follow up on question (2b) above. The business wants to make an adjusting entry for the fact
that it has now used $80 of the supplies previously purchased.
4) Follow up to question (2a) above. The business has received and paid an invoice for the $230
of supplies it had earlier purchased.
5) A business borrows $800 from a local bank.
6) A business buys $510 of inventory for sale.
7) A business sells $80 of inventory for $125.
8) A business pays $150 in wages.
9) A business buys $600 of fixed assets on account.
10) A business depreciates its fixed assets purchased in question (9) by 1/6 of their book value.

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Accounting Questions Directions: Record (“book”) the following accounting transactions. 1) A business books $265 of services it has already completed for a customer, but not yet been paid for. 2) A business buys $230 of supplies on account. Book as (a) an expense, and (b) an asset. 3) Follo ...
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