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ACC-301 Chapter 3 In-Class Practice Problems: Chart of Accounts Assets 101 Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 126 Supplies 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equipment Liabilities 200 Notes Payable 201 Accounts Payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 230 interest Payable Stockholders' Equity 311 Common Stock 320 Retained Earnings 332 Dividends 350 Income Summary Revenues 400 Service Revenue Expenses 631 Supplies Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries and Wages Expense 729 Rent Expense 732 Utilities Expenses 905 Interest Expense 910 Bad Debt Expense EGULAR RECORDING OF MONTHLY TRANSACTIONS: sing the above Chart of Accounts, make the journal entri llowing: Slide 8 (EXAMPLE ANSWER:) DEBIT CASH 101 00,000 CREDIT COMMON STOCK 311 $100.000 on October 1, Pioneer Advertising purchases office equipment costing $50,000 by signing a month, 12%, 550,000 note payable 3. Slide 10 On October 2, Pioneer Advertising receives a $12000 cash advance from R. Knox, a client, for advertising services that are expected to be completed by December 31 4. Slide 11 On October 3, Pioneer Advertising pays office rent for October in cash, $9,000 5. Slide 12 On October 4, Pioneer Advertising pays $6,000 for a one-year insurance policy that will expire next year on September 30. 6. Slide 14 On October 5, Pioneer Advertising purchases an estimated three-month supply of advertising materials on account from Aero Supply for $25,000. 7. Slide 15 On October 20, Pioneer Advertising's board of directors declares and pays a $5,000 cash dividend to stockholders. 8. Slide 16 On October 26, Pioneer Advertising pays employee salaries and wages in cash. Employees are paid once a month, every four weeks. The total payroll is $10,000 per week, or $2,000 per day. In October, the pay period began on Monday, October 1. As a result, the pay period ended on Friday, October 26, with salaries and wages of $40,000 being pald