Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

تمرين 19

A number of transactions of Claypool Construction are described below in terms of accounts deb­ited and credited:
1. Debit Wages Expense; credit Wages Payable.
2. Debit Accounts Receivable; credit Construction Revenue.
3. Debit Dividends: credit Cash.
4. Debit Office Supplies: credit Accounts Payable.
5. Debit Repairs Expense; credit Cash.
6. Debit Cash; credit Accounts Receivable.
7. Debit Tools and Equipment; credit Cash and Notes Payable.
8. Debit Accounts Payable: credit Cash.
a. Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transaction 1 is provided as an example.

b. Write a one-sentence description of each transaction.