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1 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

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1 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. Refer to the Chart of Accounts for account titles. Made payment on notes payable Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Account N1 Account Type Increase/Decrease Debit/Credit Account w2 Account Type Increase/Decrease Debit/Credit Earned $90,000 by establishing a note receivable with a face value of $120,000. This note has no stated interest. Enter the asset accounts first. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Account #3 Account Type Increase/Decrease Debit/Credit 2 Record the following transactions as journal entries. Refer to the Chart of Accounts for account titles. Received $6,000 from selling shares of stock Date Accounts and Explanation Debit Credit Nov. 3 Purchased equipment in January for $172,100 with no salvage value and an eight year life. Record straight line depreciation at year-end. Round to the nearest whole dollar. Date Accounts and explanation Debit Credit Nov. 4 Note matured in the amount of $64,700. The amount of interest accrued was $30,000. Date Accounts and Explanation Debit Credit Nov.5

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