Indicate the account(s) to be debited and credited to record the following transactions.
-The business provided services on credit.
Debit ________ Credit ________
A) Cash
B) Accounts receivable
C) Allowance for doubtful accounts
D) Merchandise inventory
E) Store supplies
F) Store equipment
G) Accumulated depreciation
H) Notes payable
I) Accounts payable
J) John Partner's, Capital
K) Joy Partner's, Capital
L) John Partner's, withdrawals
M) Joy Partner's, withdrawals
N) Income summary
O) Service revenue
P) Gain on realization
Q) Loss on realization
Correct Answer:
Verified
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a) Limited
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Q41: Applying the profit and loss ratio method,
Q42: The journal entry to close net income
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