Question

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Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry.

Collected cash for future services
Account #1	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit
Account #2	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit

Received cash from selling shares of stock
Account #1	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit
Account #2	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit

Purchase of building with note.
Account #1	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit
Account #2	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit

Purchased equipment on account
Account #1	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit
Account #2	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit

Paid for advertising in the local paper
Account #1	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit
Account #2	Account Type	Increase/Decrease IncreaseDecrease	Debit/Credit DebitCredit

Record the following transactions as journal entries.

Made a $7,000 payment on notes payable

Made a $7,000 payment on notes payable

Date	Accounts and Explanation	Debit	Credit
Nov. 3

Received $8,000 for services rendered to a client

Received $8,000 for services rendered to a client

Date	Accounts and Explanation	Debit	Credit
Nov. 4

Purchase a $8,000 building with note

Purchase a $8,000 building with note

Date	Accounts and Explanation	Debit	Credit
Nov. 5

Owner contributed $7,000 in furniture in exchange for common stock

Owner contributed $7,000 in furniture in exchange for common stock

Date	Accounts and Explanation	Debit	Credit
Nov. 5

Paid $6,000 for a one year insurance policy

Paid $6,000 for a one year insurance policy

Date	Accounts and Explanation	Debit	Credit
Nov. 5

Answer 1

Collected cash for future services
Account #1 cash	Account Type assets	Increase	Debit
Account #2 unearned service revenue	Account Type liability	increase	Credit

Received cash from selling shares of stock
cash	assets	Increase	debit
common stock	common stock	Increase	credit

Purchase of building with note.
building	assets	Increase	Debit
note payable	liabilities	increase	Credit

Purchased equipment on account
Account #1 equipment	Account Type asset	Increase	Debit
Account #2 account payable	Account Type liabilities	Increase	Credit

Paid for advertising in the local paper
Account #1 advertising expense	Account Type expense	Increase	Debit
Account #2 cash	Account Type asset	Decrease	credit