CREDIT Columns For The Accounting Values That Are Affected By The Followin Transac…

CREDIT columns for the accounting values that are affected by the followin
transactions: (Item No. 1 is answered for your guide).
Value Received Value Parted
Transactions
(DEBIT) with (Credit)
Payment of rental
Rent Expense
Cash
2.
3.
4.
Initial investment by S. Ty
Bought a car on account
Rendered professional service on account.
Cash withdrawal by S. Ty
Collection from client’s account
5.
6.
7.
8.
Rendered professional service for cash
Issued a note for borrowed money.
Additional investment by S. Ty
9.
10. Sold an old car for cash
11. Received a promissory note from a client
12. Payment of account to a supplier
13. Received a promissory note in exchange for
li​

Answer:

Initial investment by S. Ty

Value received: cash

Value parted: capital

Bought a car on account

Value received: equipment – car

Value parted: accounts payable

Rendered professional service on account.

Value received: accounts receivable

Value parted: service income

Cash withdrawal by S. Ty

Value received: drawings

Value parted: cash

Collection from client’s account

Value received: cash

Value parted: accounts receivable

Rendered professional service for cash

Value received: cash

Value parted: service income

Issued a note for borrowed money.

Value received: cash

Value parted: notes payable

Additional investment by S. Ty

Value received: cash

Value parted: capital

Sold an old car for cash

Value received: cash

Value parted: equipment – car

Received a promissory note from a client

Value received: notes receivable

Value parted: service income/sales

Payment of account to a supplier

Value received: accounts payable

Value parted: cash

Received a promissory note in exchange for…

Value received: notes receivable

Value parted: service income/sales

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