ACCT 110 Debit and Credit Demonstration Problems


	Principles of Accounting 110
	Debit and Credit Demonstration Problems
	Problem 1

Problem 2

In the table below, enter the amount of ach of the following transactions under the appropriate column:

a) The Evergreen Nursery began operations with a $1,500 cash investment by it's owner.

b) Purchased a desk for $550 on account from Norfolk Office Supply.

c) Purchased paper for $425 from Norfolk Office Supply for cash.

d) Returned one ream of paper and received $13 back.

e) Paid the outstanding Norfolk Office Supply bill.

f) Sold paper worth $20 to an employee for $25 cash.

g) Used $300 worth of paper.

h) Billed a client $700 for a completed landscape design job.

i) Received payment from the client.

j) Collected $620 during the week for lawn services performed for customers.

	Assets				Liabilities and Equity
	Cash +	A/R +	Supplies +	Equipment	= A/P +	Capital
a)
b)
c)
d)
e)
f)
g)
i)
i)
j)
Total

Problem 2
In the table below, enter the amount of ach of the following transactions under the appropriate column:
a)	The Evergreen Nursery began operations with a $1,500 cash investment by it's owner.
b)	Purchased a desk for $550 on account from Norfolk Office Supply.
c)	Purchased paper for $425 from Norfolk Office Supply for cash.
d)	Returned one ream of paper and received $13 back.
e)	Paid the outstanding Norfolk Office Supply bill.
f)	Sold paper worth $20 to an employee for $25 cash.
g)	Used $300 worth of paper.
h)	Billed a client $700 for a completed landscape design job.
i)	Received payment from the client.
j)	Collected $620 during the week for lawn services performed for customers.