1. Record the following transaction into the expanded equation for Mike's Nail Salon. a. Invested $24,000 cash from his personal bank account into the business b. Bought store equipment for cash $3,700. c. Bought additional store equipment on account $ 6100. d. Paid $900 cash to partially reduce what was owed from transaction C e. Rendered service for cash $200. f. Withdrew $ 40 for personal youth. 6. Billed customers for services rendered, $300. 2. From the following information, prepare (1) Income Statement (2) Statement of Owner's Equity, and (3) Balance Sheet for the month ended March 31, 200x for the Crow Company L. Crow, Capital (beg.) $2,000 Revenue 900 Expenses 600 Withdrawals 150 Cash 3,000 Equipment 1,000 Accounts Receivable 150 Accounts Payable 2,000 3. Below is a chart of accounts. Following is a series of transactions. Indicate for et transaction the accounts that should be debited and credited by inserting the proce account number in the space provided. 111 Cash 312 R. Andrews, Withdrawals 112 Accounts Receivable 411 Service Fees 121 Office Equipment 511 Salaries Expense 211 Accounts Payable 512 Rent Expense 311 R. Andrews, Capital 513 Advertising Expense Debit Credit Transaction 1. Purchased office equipment on account. 2. Paid salaries for the week. 3. Invested additional cash in the business. 4. Received cash for services performed. 5. Billed a client on account for services performed. 6. Paid accounts payable. 7. Collected accounts receivable. 8. Withdrew cash for personal use. 9. Paid advertising expense. 10. Paid rent expense for the month. hn.edu/d21e/content/13735/viewContent/58633/View?u=13735 3 A formal account that has columns for date, explanation, post reference, debit, and credit is called the a) T account b) standard account form. c) ledger. d) chart of accounts. 4 Given the following accounts and their respective balances you are to determine the Owner's Equity. Cash $977, Accounts Receivable $126, Equipment S585, and Accounts Payable $931. S 5. When the cell phone bill is paid, which of the following entries would be recorded? a) Cell Phone Expense Cash b) Cash Cell Phone Expense c) Cell Phone Expense Accounts Payable d) None of these answers are correct. The entry to record the payment of office salaries would be: a) Cash Accounts Receivable b) Cash Salaries Expense c) Salaries Expense Accounts Payable d) Salaries Expense Cash 7 A $600 check written for supplies was journalized as $60. The entry to correct this error is: a) debit Supplies, $S40; credit Cash, $540. b) debit Cash, $540; credit Supplies, S540. c) debit Supplies, $60; credit Cash, $60. d) debit Cash, $60; credit Cash, $60. Spasqual journalized and posted an entry of a $2,000 debit to Cash and a $2,000 credit to Service Fees. The correct amount on the billing was $200. The entry to correct this error 15: a) debit Cash, $1,800; credit Service Fees, $1,800. b) debit Service Fees, $1,800; credit Cash, S1,800. c) debit Service Fees, $2,800; credit Cash, $2,000. d) debit Service Fees, $200; credit Cash, $200