ACCT 2001 Chapter : ACCT2001Sum 2010 PracticeQ Key
Document Summary
Bp company has the following transactions for the month of may. If no journal entry is required write no entry for that event: bp issues ,000,000 in common stock. Cash ,000,000: salaries in the amount of ,900,000 are paid. Salary exp: an oil well in the gulf of mexico breaks. No entry: supplies are purchased on account for ,000 to help mitigate the oil spill in the gulf. Supplies: a new boat is purchased for ,000 for the chief engineer to assess the damage to the rig. Equipment-boat: the salary payable account is what type of account, asset, expense, liability, owners equity, the service revenue account has a, normal debit balance, normal credit balance, either way, none of the above. Here is a selection of transactions in the journal. Post these transactions to the ledger accounts below. Accounts receivable (received cash in payment of account)
