12 For each event below indicate what account(s) should be debited and credited in the space provided Consider that Assets is not an account It is a classification, as are Liabilities and Owners Equity You must specify which Account is debited or credited Event Account(s) Debited Account(s) Credited a Paul, the owner placed $1,200 cash in the company checking account from his own personal account b Paul convinces his brother to loan the business $2,000 and required Paul to sign a note The principal of the note is $2,000 at a 5 85 rate for one year Payments are $172 00 a month c Paul performed consulting services for a client on open account in the amount of $265 d Purchased a new computer $1,455 with $200 cash and signed a note for the difference e Purchased $210 of supplies on open account f Hired a new employee Will be paid $500 per week g Performed services of $400 for a client who was short of cash and they had to sign a note The note is a 2 month note with the $400 as principal and includes an interest charge of 8 APR h The customer in c above paid $165 on account i Returned $30 of the supplies purchased in e above to the supplier j The owner drew $20 cash out of the business to go buy some pizza with k Received a $175 bill for the current months gas service It is not due for 20 days l The employee had worked one week earning $500, was fired and paid on the last day of the pay period m Paid for the remainder of the supplies purchased in e above Remember some were returned n Collected $400 plus interest from the note in g above The payment received consisted of principal and interest and was collected all in one payment Round your interest amount to the nearest whole dollar o Made the first $172 monthly payment on the note in b above The monthly payment consists of principal and interest Round your interest amount up to a whole dollar amount p Paul performs consulting services and is paid in cash, $300 q Paul notes that $120 of the supplies have been used up

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12. For each event below indicate what account(s) should be debited and credited in the space provided. Consider that Assets is not an account. It

12. For each event below indicate what account(s) should be debited and credited in the space provided. Consider that Assets is not an account. It is a classification, as are Liabilities and Owners Equity. You must specify which Account is debited or credited.

	Event	Account(s) Debited	Account(s) Credited
a.	Paul, the owner placed $1,200 cash in the company checking account from his own personal account.
b.	Paul convinces his brother to loan the business $2,000 and required Paul to sign a note. The principal of the note is $2,000 at a 5.85% rate for one year. Payments are $172.00 a month.
c.	Paul performed consulting services for a client on open account in the amount of $265.
d.	Purchased a new computer $1,455 with $200 cash and signed a note for the difference.
e.	Purchased $210 of supplies on open account.
f.	Hired a new employee. Will be paid $500 per week.
g.	Performed services of $400 for a client who was short of cash and they had to sign a note. The note is a 2 month note with the $400 as principal and includes an interest charge of 8% APR.
h.	The customer in c. above paid $165 on account.
i.	Returned $30 of the supplies purchased in e. above to the supplier.
j.	The owner drew $20 cash out of the business to go buy some pizza with.
k.	Received a $175 bill for the current months gas service. It is not due for 20 days.
l.	The employee had worked one week earning $500, was fired and paid on the last day of the pay period.
m.	Paid for the remainder of the supplies purchased in e. above. Remember some were returned.
n.	Collected $400 plus interest from the note in g. above. The payment received consisted of principal and interest and was collected all in one payment. Round your interest amount to the nearest whole dollar.
o.	Made the first $172 monthly payment on the note in b. above. The monthly payment consists of principal and interest. Round your interest amount up to a whole dollar amount.
p.	Paul performs consulting services and is paid in cash, $300.
q.	Paul notes that $120 of the supplies have been used up.