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Using the Chart of Accounts Provided, Indicate by |

Question 129

Essay

1100 Cash 2170 Property taxes payable 1120 Short-term investments 2180 Rent payable 1130 Notes receivable 2200 Long-term notes payable 1140 Accounts receivable 3100 Common stock 1145 Loan receivable 3200 Retained earnings 1150 Interest receivable 5000 Sales revenue 1160 Other accrued receivables 5300 Interest revenue 1200 Inventory 6000 Cost of goods sold 1250 Supplies 6200 Advertising expense 1260 Prepaid expenses 6210 Miscellaneous expense 1320 Buildings and equipment (B&E) 6220 Depreciation expense 1325 Accumulated depreciation-B&E 6230 Insurance expense 2110 Short-term notes payable 6240 Property tax expense 2120 Interest payable 6250 Rent expense 2130 Accounts payable 6260 Supplies expense 2140 Deferred revenue 6270 Salaries and wages expense 2150 Salaries and wages payable 6400 Interest expense 2160 Dividends payable 6999 Income summary account \begin{array} { | l | l | l | l | } \hline 1100 & \text { Cash } & 2170 & \text { Property taxes payable } \\\hline 1120 & \text { Short-term investments } & 2180 & \text { Rent payable } \\\hline 1130 & \text { Notes receivable } & 2200 & \text { Long-term notes payable } \\\hline 1140 & \text { Accounts receivable } & 3100 & \text { Common stock } \\\hline 1145 & \text { Loan receivable } & 3200 & \text { Retained earnings } \\\hline 1150 & \text { Interest receivable } & 5000 & \text { Sales revenue } \\\hline 1160 & \text { Other accrued receivables } & 5300 & \text { Interest revenue } \\\hline 1200 & \text { Inventory } & 6000 & \text { Cost of goods sold } \\\hline 1250 & \text { Supplies } & 6200 & \text { Advertising expense } \\\hline 1260 & \text { Prepaid expenses } & 6210 & \text { Miscellaneous expense } \\\hline 1320 & \text { Buildings and equipment (B\&E) } & 6220 & \text { Depreciation expense } \\\hline 1325 & \text { Accumulated depreciation-B\&E } & 6230 & \text { Insurance expense } \\\hline 2110 & \text { Short-term notes payable } & 6240 & \text { Property tax expense } \\\hline 2120 & \text { Interest payable } & 6250 & \text { Rent expense } \\\hline 2130 & \text { Accounts payable } & 6260 & \text { Supplies expense } \\\hline 2140 & \text { Deferred revenue } & 6270 & \text { Salaries and wages expense } \\\hline 2150 & \text { Salaries and wages payable } & 6400 & \text { Interest expense } \\\hline 2160 & \text { Dividends payable } & 6999 & \text { Income summary account } \\\hline\end{array}
Required:

Using the chart of accounts provided, indicate by account number the account or accounts that would be debited and credited in the following transactions. Also enter the number 1, 2, or 3 to indicate the type of transaction as: (1) an external transaction, (2) an internal transaction recorded as an adjusting journal entry, or (3) a closing entry. The company uses a perpetual inventory system. All prepayments are initially recorded in permanent accounts
\begin{array} { | l | l | l | l | } \hline 1100 & \text { Cash } & 2170 & \text { Property taxes payable } \\ \hline 1120 & \text { Short-term investments } & 2180 & \text { Rent payable } \\ \hline 1130 & \text { Notes receivable } & 2200 & \text { Long-term notes payable } \\ \hline 1140 & \text { Accounts receivable } & 3100 & \text { Common stock } \\ \hline 1145 & \text { Loan receivable } & 3200 & \text { Retained earnings } \\ \hline 1150 & \text { Interest receivable } & 5000 & \text { Sales revenue } \\ \hline 1160 & \text { Other accrued receivables } & 5300 & \text { Interest revenue } \\ \hline 1200 & \text { Inventory } & 6000 & \text { Cost of goods sold } \\ \hline 1250 & \text { Supplies } & 6200 & \text { Advertising expense } \\ \hline 1260 & \text { Prepaid expenses } & 6210 & \text { Miscellaneous expense } \\ \hline 1320 & \text { Buildings and equipment (B\&E) } & 6220 & \text { Depreciation expense } \\ \hline 1325 & \text { Accumulated depreciation-B\&E } & 6230 & \text { Insurance expense } \\ \hline 2110 & \text { Short-term notes payable } & 6240 & \text { Property tax expense } \\ \hline 2120 & \text { Interest payable } & 6250 & \text { Rent expense } \\ \hline 2130 & \text { Accounts payable } & 6260 & \text { Supplies expense } \\ \hline 2140 & \text { Deferred revenue } & 6270 & \text { Salaries and wages expense } \\ \hline 2150 & \text { Salaries and wages payable } & 6400 & \text { Interest expense } \\ \hline 2160 & \text { Dividends payable } & 6999 & \text { Income summary account } \\ \hline \end{array} Required: Using the chart of accounts provided, indicate by account number the account or accounts that would be debited and credited in the following transactions. Also enter the number 1, 2, or 3 to indicate the type of transaction as: (1) an external transaction, (2) an internal transaction recorded as an adjusting journal entry, or (3) a closing entry. The company uses a perpetual inventory system. All prepayments are initially recorded in permanent accounts -Sold inventory for cash.
-Sold inventory for cash.

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