Determine the accounts and amounts to be debited and credited for the following transactions for Madison's Clock Repair.A. Purchased new equipment for $3,400 by issuing a check for $1,400 as a down payment with the balance due in 30 days.B. Returned damaged supplies and received a $80 cash refund.C. Purchased supplies for $300 on account.D. Provided services for $8,600 on credit.E. Issued a check for $700 to pay a creditor on account.F. Issued checks for $3,800 to pay the employees their monthly salaries.G. Issued a check for $180 to pay the monthly telephone bill
What will be an ideal response?
A. Equipment (dr. $3,400); Cash (cr. $1,400) and Accounts Payable (cr. $2,000)
B. Cash (dr. $80); Supplies (cr. $80)
C. Supplies (dr. $300); Accounts Payable (cr. $300)
D. Accounts Receivable (dr. $8,600); Fees Income (cr. $8,600)
E. Accounts Payable (dr. $700); Cash (cr. $700)
F. Salaries Expense (dr. $3,800); Cash (cr. $3,800)
G. Telephone Expense (dr. $180); Cash (cr. $180)
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