ASSETS INCREASE: DEBIT DECREASE: CREDIT LIABILITIES INCREASE: CREDIT DECREASE: DEBIT : OWNER'S EQUITY INCREASE: CREDIT DECREASE DEBIT PR CR TRANSACTIONS-ANALYZE EACH ONE AND INSERT THE ENTRIES 5 101 CASH 201 ACCTS PAYABLE 302 GRANT DRAWING 301 GRANT CAPITAL 1 Jane Grant invested $70,000 cash in the business, Grant Consulting 15,000 1,800 1,400 15,000 7 8 9 2 Grant paid reton infice $1,600 in cash 2,000 2,400 4,000 25.000 3 Grant borrowed $10,000 cash from Bank of America, signing anote payable. 202 NOTES PAYABLE 101 CASH 104 ACCTS RECEIVABLE 106 SUPPLIES 110 EQUIPMENT 112 ACC. DEPR EQUIP. 201 ACCTS PAYABLE 202 NOTES PAYABLE 301 Grant CAPITAL 302 Grant DRAWING 401 SERVICE REVENUE 501 RENT EXPENSE 503 ADVERT. EXPENSE 509 DEPR EXPENSE 510 SUPPLIES EXPENSE TOTALS In Balance 7 DR-CR7 4 Grant purchase: $800 of advertising from the Seattle Times. The advertising fee will be paid to the Seattle Times in 30 days 1,800 104 ACCTS RECEIVABLE 18,000 OPERATIONS 501 RENT EXPENSE 401 SERVICE REVENUE 10 11 12 13 14 15 16 17 18 19 20 21 22 5 Grant purchased supplies on account in theamount of $5.500. 6 Grant purchased equipment for $20,000. Grant peic $4,000 and the rest will be paid in 30 days. 106 SUPPLIES 50,400 35,000 NO 503 ADVERT. EXPENSE 7 Grant provide services to customers on account, $12,000 8 Accounts Payable were paid off, in the amount of $2,000. 23 110 EQUIPMENT 9 Cash was received from customers on account. 3,000 509 DEPR. EXPENSE HHI 10 Grant withdraw cash from the business, $2,900, to take her children to Disneyland 112 ACC DEPR. EQUIP 11 At the end of themanthit, Grant counted the supplies. There were $1,700 of supplies remaining. This means that $3,800 of supplies have been used 510 SUPPLIES EXPENSE 13 Depreciation was recorded on the equipment, $403 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42