Question

Purchased office supplies on account Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Purchased office furniture on account Account Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit

Answer 1

Purchased office supplies on account Account #1 Office Supplies Account #2 Accounts payable Account Type Real Account Type Personal Increse / Dec Increase Increse / Dec Increase Debit / Credit Debit Debit / Credit Credit Bright, the owner, contributed furniture in exchange for capital Account #1 Account Type Furniture Rea Account #2 Account Type Capital Personal Increse / Dec Increase Increse / Dec Increase Debit/Credit Debit Debit / Credit Credit Purchased office furniture on account Account #1 Account Type Furniture Real Account #2 Account Type Accounts payable Personal Increse / Dec Increase Increse / Dec Increase Debit/Credit Debit Debit/Credit Credit Collected cash for services Account #1 Cash Account #2 Service Revenue Account Type Real Account Type Nominal Increse / Dec Increase Increse / Dec Increase Debit/Credit Debit Debit/Credit Credit Accrued liability for utilities Account #1 Utility Expense Account #2 Accrued Liabilities Account Type Nominal Account Type Personal Increse / Dec Increase Increse / Dec Increase Debit/Credit Debit Debit/Credit Credit

Debit Credit Received $ 6,000 for services rendered to a client Date Accounts Nov 3 Cash Service Revenue $ 6,000 $ 6,000 Credit Purchased a $ 9,000 building with note Date Accounts Nov 4 Building Note Payable Debit 9,000 $ $ 9,000 Credit Paid $8,000 cash for land Date Accounts Nov 5 Land Cash Debit 8,000 $ $ 8,000 Credit Made a $8,000 payment on notes payable Date Accounts Nov 5 Note Payable Cash Debit 8,000 $ $ 8,000 Credit Brought a company truck for $7000 by signing a note at the bank Date Accounts Debit Nov 5 Truck / Vehicles $ 7,000 Note Payable $ 7,000

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