4)Recording transactions.John Winslow from Winslow Corporation recently started his own carpentry business.Complete the table by inserting the appropriate account numbers for the debit and credit entry shown next to each accounting transaction.Select your answer from the Chart of Accounts in the back of this test.Assume that the accrual basis of accounting is used.(14 PTS.)

Helpful Hint: RememberI.C.L.O.R.I.Additional Hint: Follow the cash!

RULES

Transaction

Business Transaction

DR

CR

A

John invested $12,000 into his business (the cash came from his personal checking account).

B

He withdrew $1,300 for personal use.

C

He paid $28 to put gas in his car.

D

He received $475 in cash from his 1st customer for building a deck.

E

He billed his second customer $550 for providing roofing services.

F

He received an $85 telephone bill, which he will pay at a later date.

G

After one week, he received the $550 due him from Transaction E.