> Short Exercises Learning Objective 1 *** S2-1 Identifying accounts Consider the following accounts and identify each account as an asset (A), liability (L) or equity (E). a. Notes Receivable f. Taxes Payable b. Common Stock g. Rent Expense c. Prepaid Insurance h. Furniture d. Notes Payable i. Dividends e. Rent Revenue j. Unearned Revenue Recording Business Transaction Learning Objective 2 S2-2 Identifying increases and decreases in accounts For each account, identify whether the changes would be recorded as a debit (DR) or credit (CR). a. Increase to Accounts Receivable f. Decrease to Prepaid Rent b. Decreasc to Unearned Revenue g. Increase to Common Stock c. Decrease to Cash h. Increase to Notes Receivable d. Increase to Interest Expense i. Decrease to Accounts Payable e. Increase to Salaries Payable j. Increase to Interest Revenue Learning Objective 2 S2-3 Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or credit (CR). a. Notes Payable f. Common Stock b. Dividends g. Utilities Expense c. Service Revenue h. Office Supplies d. Land i. Advertising Expense e. Unearned Revenue j. Interest Payable S2-4 Calculating the balance of a T-account Learning Objective 2 Accounts Payable May 2 6,000 21,000 May 1 May 22 11,500 500 May 5 8,500 May 15 500 May 23 seribution Calculate the Accounts Payable balance. of for Learning Objective S2-5 Journalizing transactions John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January 4. Jan. 1 The business received $34,000 cash and issued common stock to Daniel. 2 Purchased medical supplies on account, $17,000. Performed services for patients receiving $1,600. 12 Paid monthly office rent of $3,000. 15 Recorded $7,000 revenue for services rendered to patients on account. Journalize the transactions of John Daniel, M.D. Include an explanation with each entry