Question

6. The first nine transactions of North-West Airplane Repair have been posted to the T-accounts. Provide an explanation for each of the nine transactions. Click the icon to view the nine transactions.) 1. (1) 9. (9) 6: Data Table LIABILITIES + EQUITY Retained Earnings Contributed Capital + - - + + Common Stock 370,000 - (1) (8) Dividends 7,000 Service Revenue 21,000 - 9) (2) Rent Expense 1,400 (5) (4) Cash (1) 370,000 360,000 (2) 133260.000 1.2005) 19) 21,000 1,500 (6) 3.900 71 7000 (8) Accounts Payable 1,200 1,500 Notes Payable 260,000 (3) Salaries Expense (7) 2,500 Property Tax Expense (6) 1,500 Office Supplies 1.500 (4) 12) Building 360,000 (1) O Purchased office supplies on account. The business received cash and issued common stock. O Borrowed cash, signing a notes payable. O Cash dividends paid to stockholders. O Paid cash on accounts payable. O Paid cash for a building. O Paid cash for property tax expense. O Paid cash for rent and salaries. O Performed services for customers and received cash. O Purchased office supplies on account. The business received cash and issued common stock. (2) O O Borrowed cash, signing a notes payable. O Cash dividends paid to stockholders. O Paid cash on accounts payable. O Paid cash for a building, Paid cash for property tax expense. Pald cash for rent and salaries. O Performed services for customers and received cash.

Answer 1

Classification

1. The business received cash and issued common Stock

2. Paid cash for a building

3. Borrowed cash signing a notes payable

4. Purchased office supplies on account

5. Paid cash on account payable

6. Paid cash for property tax expense

7. Paid cash for rent and salaries

8. Cash dividends paid to stockholders

9. Performed services for customers and received cash