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The synoptic journal for Hiles Tax Service has the following headings with appropriate columns for recording debits and credits Cash Explanation

The synoptic journal for Hile's Tax Service has the following headings with appropriate columns for recording debits and credits Cash, Explanation, Sundry, Professional Fees, Supplies Expense.

 

The following is a partial chart of accounts for Hile's Tax Service:

 

111Cash312Hiles, Withdrawals

121Office Equipment 411 Professional Fees

211 Accounts Payable 511Rent Expense

311 Hiles, Capital 515Telephone Expense

520 Supplies Expense

 

Indicate, in the spaces below, the account numbers and the debit and credit amounts for the following transactions under the modified cash-basis.

 

DebitCredit

Account AmountAccount Amount

__511______$2_____111______$2___ 0. Paid equipment rental fee $2

________________________________ a. Received but did not pay the bill for utilities $1

________________________________ b. Personal withdrawal $3

________________________________ c. Purchased office supplies on account $7

________________________________ d. Cash receipts from clients $8

________________________________ e. Collected cash for service previously performed $3

________________________________ f. Paid for supplies purchased in (c) above

Mar 16 2020 View more View Less

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