DEBIT AND CREDIT EFFECT ON TRANSACTIONS Jefferson Framers engaged in the following transactions:

a. Purchased land for $15,200 cash

b. Purchased equipment for $23,600 in exchange for a one-year, 11 percent note payable

c. Purchased office supplies on credit for $1,200 from Office Depot

d. Paid the $10,000 principal plus $700 interest on a note payable

e. Paid an account payable in the amount of $2,600

f. Provided $62,100 of services on credit g. Provided $11,400 of services for cash h. Collected $29,800 of accounts receivable i. Paid $13,300 of wages in cash j. Sold common stock for $21,000 cash Required:

Using a table like the one below, enter the necessary information for each transaction.

Transaction a is entered as an example.

Transaction Account Increase/Decrease Debit/Credit Amount

(a) Land Increase Debit $15,200 Cash Decrease Credit $15,200 Exercise