Author Question: Below is a chart of accounts. Following is a series of transactions. Indicate for each transaction ... (Read 50 times)

robinn137 · **on:** Nov 10, 2019

Below is a chart of accounts. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided.

111 Cash

312 R. Andrews, Withdrawals

112 Accounts Receivable

411 Service Fees

121 Office Equipment

511 Salaries Expense

211 Accounts Payable

512 Rent Expense

311 R. Andrews, Capital

513 Advertising Expense

Debit

Credit

Transaction

________ ________ 1. Purchased office equipment on account.
________ ________ 2. Paid salaries for the week.
________ ________ 3. Invested additional cash in the business.
________ ________ 4. Received cash for services performed.
________ ________ 5. Billed a client on account for services performed.
________ ________ 6. Paid accounts payable.
________ ________ 7. Collected accounts receivable.
________ ________ 8. Withdrew cash for personal use.
________ ________ 9. Paid advertising expense.
________ ________ 10. Paid rent expense for the month.

hramirez205 · **Reply #1 on:** Nov 10, 2019

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