Homework Help: Business/Accounting Question

Posted by Laura on Thursday, June 15, 2006 at 12:40pm.

You are to state what will increase and/or decrease in each of the transactions described below. 1) Mythical Services sold $500 of legal services on account. 2) Mythical collected the $500 from transaction nmuber 1 above 3) Mythical purchased office furniture on account in the amount of $4,000. 4) Mythical paid the $4,000 in transaction numner 3.

Sales 500
Account recievable 500
(to record the sale of services on credit)

Cash 500
Account recievable 500
(to record the reciept of cash)

Office furniture 4000
Account Payable 4000
(to record the purchase of Office furniture on credit)

Account Payable 4000
Cash 4000
(to record the payment of liability)

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