Question

For the following independent events, identify the account that would be debited and the account that would be credited.

a. Received cash by issuing common stock.

Answer 1

The accounts that would be debited and credited for each event based on the list are as follows:

a. Received cash by issuing common stock

• Account Debited: Cash Account
• Account Credited: Common Stock Account

b. Received cash for services to be performed in the future

• Account Debited: Cash Account
• Account Credited: Unearned Revenue Account

c. Paid Swanee payable

• Account Debited: Accounts Payable Account
• Account Credited: Cash Account

d. Provided services on account

• Account Debited: Accounts Receivable Account
• Account Credited: Service Revenue Account

e. Paid cash for operating expenses

• Account Debited: Operating Expense Account
• Account Credited: Cash Account

f. Purchased supplies on account

• Account Debited: Supplies Account
• Account Credited: Accounts Payable Account

g. Recognized revenue for services completed. Cash had been collected in Event b

• Account Debited: Unearned Revenue Account
• Account Credited: Service Revenue Account

h. Recognized accrued salaries expense

• Account Debited: Salaries Expense Account
• Account Credited: Salaries Payable Account

i. Recognized expense for supplies used during the period

• Account Debited: Supplies Expense Account
• Account Credited: Supplies Account

j. Performed services for cash

• Account Debited: Cash Account
• Account Credited: Service Revenue Account

k. Paid accounts payable

• Account Debited: Accounts Payable Account
• Account Credited: Cash Account

l. Received cash in payment of accounts receivable

• Account Debited: Cash Account
• Account Credited: Accounts Receivable Account

m. Paid a cash dividend to the stockholders

• Account Debited: Retained Earnings Account
• Account Credited: Cash Account

Step-by-step explanation:

To identify the accounts that would be debited and credited for each event, you can follow a step-by-step process:

1. Understand the transaction/event: Begin by carefully analyzing the event or transaction at hand. Identify the key elements, such as what is being exchanged, received, or given up.

2. Determine the account categories involved: Categorize the accounts involved in the transaction. Common categories include assets, liabilities, equity, revenue, and expenses.

3. Identify the account to be debited: Determine the account that receives the benefit or experiences an increase as a result of the transaction. For example, if you purchase inventory for cash, the inventory account (an asset) will be debited because it increases.

4. Identify the account to be credited: Identify the account that gives up the benefit or experiences a decrease as a result of the transaction. Continuing with the example above, the cash account (also an asset) will be credited because it decreases as you pay for the inventory.

Remember, the debited account and the credited account must follow the fundamental accounting equation, which states that assets = liabilities + equity. This equation ensures that the equation remains balanced after each transaction.

Your question is incomplete, but most probably the full question was:

For each of the following independent events, identify the account that would be debited and the account that would be credited.

Account Debited

Account Credited

• a. Received cash by issuing common stock
• b. Receved cash for services to be performed in the future
• c. Paid Swane payable.
• d. Provided services on account
• e.Paid cash for operating expenses
• f. Purchased supplies on account
• g Recognized revenue for services completed. Cash had been collected in Event b
• h. Recognized accrued salaries expense
• i. Recognized expense for supplies used during the period
• j. Performed services for cash
• k: Paid accounts payable
• l. Recensed cash in payment of accounts receivable
• m. Paid a cash dvidend to the stockholders