Question:
1. For each of the transactions below, write down where it would be recorded in the financial statements:
a) a) Purchased $450 supplies with cash
b) Purchased new copy machine $10,000 on credit to be paid in 6 months
c) Took out a $15, 000 loan from the bank, proceeds were deposited in organization's account on the same day.
d) Received $2,000 deposit from the customer for a service to be provided by organization next month
e) Received a $5,000 payment on a pledge from last quarter campaign
f) Paid a $6,000 6 months premium on liability insurance, 3 months are in the next fiscal year.
g) Paid $15,000 in wages that were earned in previous period.
h) Billed $50,000 on the County contract for services provided last month.