A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a company during its first year of operations.
Required
For each transaction, indicate the account or accounts that should be debited and credited.
1. Cash
2. Accounts Receivable
3. Prepaid Insurance
4. Office Supplies
5. Automobiles
6. Land
7. Accounts Payable
8. Income Taxes Payable
9. Notes Payable
10. Capital Stock
11. Retained Earnings
12. Service Revenue
13. Wage and Salary Expense
14. Utilities Expense
15. Income TaxExpense

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Debited Credited Example: Purchased office supplies for cash a. Issued capital stock for cash. b. Purchased an automobile and signed a 60-day note for the total amount. c. Acquired land in exchange for capital stock d. Received cash from clients for services performed during the month Paid employees salaries and wages earned during the month. Purchased flyers and signs from a printer, payment due in ten days Paid for the flyers and signs purchased in (i) e. . g. h. Received monthly telephone bill; payment is due within i. Paid for a sixmonth liability insurance policy. k. Computed amount of taxes due based on the income of ten days of receipt. Paid monthly telephone bill. the period and paid the amount.