SP $1$: Practice Problem $1$

Below is a list of accounts for ABC Company $($Sole Proprietorship $-$ not incorporated one owner business$).$ Indicate the accounts that would be debited and credited in recording each transaction presented below by placing the appropriate account number in the applicable column $($Debit$/$ Credit$)$

$\backslash$table$[[1$ Cash,$5$ Notes Payable,$9$ Revenue$],[2$ Accounts Receivable,$6$ Accounts Payable,$10$ Expenses$],[3$ Office Equipment,$\backslash$table$[[7$ Capital $($similar to Retained$],[$Earnings for a Corporation$)]],11$ Income Summary$],[\backslash$table$[[4$ Accumulated Depreciation:$],[$Office Equipment$]],8$ Drawing,$]]$

$\backslash$table$[[$Transactions$,$Accounts Debited,Accounts Credited$],[$Example: Purchase office equipment for cash.,$3,],[$Purchased office equipment in exchange for a note.,,$],[\backslash$table$[[$Performed services: received cash down payment and$],[$the balance due in $10$ days.$]],,],[$Paid creditor an amount due on ABC's open account.,,$],[\backslash$table$[[$Collected from customer the amount due for services$],[$received$.]],,],[$Borrowed money from bank,,$],[$Recorded depreciation on office equipment.,,$],[$Owner withdraws cash,,$],[$Revenue account is closed at the end of the period,,$],[\backslash$table$[[$Income summary account closed at the end of the$],[$period$.$ There was net income $($profit$)$ in the period.$]],,],[$Owner$\text{'}$s drawing account is closed,,$]]$