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Business, 15.10.2020 08:01 tmanpierce
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 $800 to stockholders. Cash 800
Dividends 800
2. Provide services on account for customers, $3,400. Cash 3,400
Service Revenue 3,400
3. Pay a $500 utilities bill for the current period. Utilities Expense 500
Cash 500
4. Receive cash of $400 from previously billed customers. Cash 400
Service Revenue 400
5. Pay for supplies previously purchased on account, $1,200. Supplies Expense 1,200
Cash 1,200
Required:
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...
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