The following activities took place during the month of November at a corporation that operates a shoe repair shop.
1.Salaries and wages in the amount of $33,000 are paid to employees.
2.On the last day of November,the company acquires equipment on account of $55,000.
3.Payment of $375 made on account to a consulting firm for services received from that firm during October.
4.Payment of $12,000 made at the beginning of November for six months of rent; the period covered by the payment begins in November.
5.Utility bills in the amount of $125 arrive in the mail; the bills will not be paid until December.
Required:
Indicate what accounts would be used to record the initial transaction arising from each activity.

Question

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The Answer of The following activities took place during the month of November at a corporation that operates a shoe repair shop.
1.Salaries and wages in the amount of $33,000 are paid to employees.
2.On the last day of November,the company acquires equipment on account of $55,000.
3.Payment of $375 made on account to a consulting firm for services received from that firm during October.
4.Payment of $12,000 made at the beginning of November for six months of rent; the period covered by the payment begins in November.
5.Utility bills in the amount of $125 arrive in the mail; the bills will not be paid until December.
Required:
Indicate what accounts would be used to record the initial transaction arising from each activity.

The Following Activities Took Place During the Month of November