Exercise $2-7($Static$)$ Associate debits and credits with external transactions $($LO$2-3)$

Hokies uses the following accounts:

Accounts Payable

Cash

Prepaid Rent

Common Stock

Salaries Payable

Equipment

Supplies

Rent Expense

Notes Payable

Salaries Expense

Accounts Receivable

Utilities Expense

Service Revenue

Retained Earnings

Dividends

Required:

Indicate which accounts should be debited and which should be credited for the following transactions of Hokies company.

$\backslash$table$[[$Transactions$,$Account Debited,Account Credited$],[$Example: Purchase equipment in exchange for cash.,Equipment,Cash$],[1.$ Pay a cash dividend.,,$],[2.$ Pay rent in advance for the next three months.,,$],[3.$ Provide services to customers on account.,,$],[4.$ Purchase office supplies on account.,,$],[5.$ Pay salaries for the current month.,,$],[6.$ Issue common stock in exchange for cash.,,$],[7.$ Collect cash from customers for services provided in $(3)$ above.,,$],[8.$ Borrow cash from the bank and sign a note.,,$],[9.$ Pay for the current month's utilities.,,$],[10.$ Pay for office supplies purchased in $(4)$ above.,,$]]$