Solved

Match the Letter and the Blank in Each Transaction Description

Question 136

Matching

Match the letter and the blank in each transaction description to complete the analysis.All letters will not be used and some letters may be used more than once.

Premises:
A company is paid for a job completed last month.This is posted as a debit to ____ and a credit to ____.
A company pays the original amount owed on a promissory note.This is posted as a debit to ____ and a credit to ____.
A company receives money for a job to be done next month.This is posted as a debit to ____ and a credit to ____.
A restaurant buys and immediately uses ingredients.This is posted as a(n)____ to an expense and a(n)____ to cash.
A company pays wages.This is posted as a(n)____ to cash and a(n)____ to wages expense.
Responses:
deferred revenue
accrued liabilities
accounts receivable
expense
credit
debit
revenue
notes payable
cash
supplies

Correct Answer:

deferred revenue
accrued liabilities
accounts receivable
expense
credit
debit
revenue
notes payable
cash
supplies
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