What would be the correct Debit Account and Credit Account for the following? Pa

Question

What would be the correct Debit Account and Credit Account for the following?

Pay cash for delivery van:

Covert a Long-term liability into common stock

Declared a cash dividend

Paid Cash Dividends

Received cash for services performed

Pay off Short-term liability

Purchase office equipment, giving a percentage promissory note

Disbursed Salaries and Wages

Invest Cash in Exchange for Common stock

Purchased equipment by signing a 3-month 12%, note payable

Receives cash in advance for service TO BE Performed

Pays Rent

Preforms services and no yet paid

Depreciation

Explanation / Answer

Pay cash for delivery van

Covert a Long-term liability into common stock

Declared a cash dividend

Paid Cash Dividends

Received cash for services performed

Pay off Short-term liability

Purchase office equipment, giving a percentage promissory note

Disbursed Salaries and Wages

Invest Cash in Exchange for Common stock

Purchased equipment by signing a 3-month 12%, note payable

Receives cash in advance for service TO BE Performed

Pays Rent

Preforms services and no yet paid

Depreciation

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