Use the accounts of WordService to analyze these business transactions. The beginning balance for each account is
Question:
Use the accounts of WordService to analyze these business transactions. The beginning balance for each account is shown following the account name.
On the form provided in your working papers, identify the accounts affected by each transaction and the amount of the increase or decrease for each account. Make sure the accounting equation is in balance after each transaction.
1. Paid $50 for advertising in the local newspaper.
2. Received $1,000 as payment for preparing a report.
3. Wrote a $600 check for the month’s rent.
4. Jan Swift withdrew $800 for her personal use.
5. Received $200 on account from the person who had purchased the old office furniture.
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ANSWER 1 Accounts affected Cash in Bank Advertising Expense Increase None Decrease Cash in Bank 50 A...View the full answer
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