1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following:

(a) In the first column, indicate the nature of each account, using the following abbreviations:

Asset - A Revenue - R

Liability - L Expense - E

None of the above - N

(b) In the second column, indicate the increase side of each account by inserting

Debit - Dr or Credit - Cr.

Account Type of Account Increase Side

(1) Supplies _______ ________

(2) Notes Receivable _______ ________

(3) Fees Earned _______ ________

(4) Hughes, Drawing _______ ________

(5) Accounts Payable _______ ________

(6) Salaries Expense _______ ________

(7) Hughes, Capital _______ ________

(8) Accounts Receivable _______ ________

(9) Equipment _______ ________

(10) Notes Payable _______ ________

2. Record the following selected transactions for March in a two-column journal, identifying each entry by letter:

(a) Received $10,000 from Shirley Knowles, owner.

(b) Purchased equipment for $35,000, paying $10,000 in cash and giving a note payable for the remainder.

(c) Paid $1,000 for rent for March.

(d) Purchased $8,500 of supplies on account.

(e) Recorded $2,500 of fees earned on account.

(f) Received $11,000 in cash for fees earned.

(g) Paid $200 to creditors on account.

(h) Paid wages of $1,250.

(i) Received $1,150 from customers on account.

(j) Recorded owner's withdrawal of $1,850.