The chart of accounts used by Notwist Copy Company is listed below. 101 Cash 209 Unearned...

•   

Transcribed Image Text:

The chart of accounts used by Notwist Copy Company is listed below. 101 Cash 209 Unearned Service Revenue 112 Accounts Receivable 301 Owner's Capital 125 Supplies 306 Owner's Drawings 157 Equipment 400 Service Revenue 200 Notes Payable 610 Advertising Expense 201 Accounts Payable 729 Rent Expense You are to Indicate the proper accounts to be debited and credited for the following transactions by selecting the accounts in the appropriate boxes. You are to indicate the proper accounts to be debited and credited for the following transactions by selecting the accounts in the appropriate baxes. Account(s) debited Account(s) credited Transactions 1. M. Acher invests $70,000 cash to start the business. 2. a. Purchased three pieces of equipment for $160,000, paying $50,000 cash b. Signed a S-year, 10% note for the remainder. 3. Purchased $5,000 supples on credit. 4. Cash revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid S800 on account for supplies purchased in transaction 3. 7. Owner withdrew $2,100 from the business for personal expenses. 8. Paid $1,200 cash for rent for the current month. 9. Received $2.000 cash advance from a customer for future copying. 10. Billed a customer for $575 for photocopy work done. The chart of accounts used by Notwist Copy Company is listed below. 101 Cash 209 Unearned Service Revenue 112 Accounts Receivable 301 Owner's Capital 125 Supplies 306 Owner's Drawings 157 Equipment 400 Service Revenue 200 Notes Payable 610 Advertising Expense 201 Accounts Payable 729 Rent Expense You are to Indicate the proper accounts to be debited and credited for the following transactions by selecting the accounts in the appropriate boxes. You are to indicate the proper accounts to be debited and credited for the following transactions by selecting the accounts in the appropriate baxes. Account(s) debited Account(s) credited Transactions 1. M. Acher invests $70,000 cash to start the business. 2. a. Purchased three pieces of equipment for $160,000, paying $50,000 cash b. Signed a S-year, 10% note for the remainder. 3. Purchased $5,000 supples on credit. 4. Cash revenue amounted to $7,000. 5. Paid $500 cash for radio advertising. 6. Paid S800 on account for supplies purchased in transaction 3. 7. Owner withdrew $2,100 from the business for personal expenses. 8. Paid $1,200 cash for rent for the current month. 9. Received $2.000 cash advance from a customer for future copying. 10. Billed a customer for $575 for photocopy work done.