Business, 24.09.2020 14:01, drewje12

Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction Accounts Debit Credit 1. Pay cash dividends of $670 to stockholders. Cash 670 Dividends 670 2. Provide services on account for customers, $2,100. Cash 2,100 Service Revenue 2,100 3. Pay a $370 utilities bill for the current period. Utilities Expense 370 Cash 370 4. Receive cash of $270 from previously billed customers. Cash 270 Service Revenue 270 5. Pay for supplies previously purchased on account, $1,070. Supplies Expense 1,070 Cash 1,070 2. Provide a correct entry for each of the transactions classified as incorrect

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Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed...