Business, 16.10.2020 14:01, hamilclips6805

Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the October 2021 transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Assume that appropriate adjusting entries were recorded at the end of September. Accounts payable Equipment Inventory
Accounts receivable Cash Supplies
Supplies expense Prepaid rent Sales revenue
Retained earnings Notes payable Common stock
Deferred sales revenue Rent expense Salaries payable
Cost of goods sold Salaries expense Interest expense

Accound debited Accound credited
1. Paid a cash dividend.
2. Paid rent for the next three months.
3. Sold goods to customers on account.
4. Purchased inventory on account.
5. Purchased supplies for cash.
6. Paid employees wages for September.
7. Issued common stock in exchange for cash.
8. Collected cash from customers for goods sold in 3.
9. Borrowed cash from a bank and signed a note.
10. At the end of October, recorded the amount of supplies that had been used during the month.
11. Received cash for advance payment from customer.
12. Accrued employee wages for October.

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Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the Oct...