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Accounts to use for transactions (a) through (j), each identified by a number, are listed. Following this list are the transactions. For each transaction, indicate
Accounts to use for transactions (a) through (j), each identified by a number, are listed. Following this list are the transactions. For each transaction, indicate the accounts that should be debited and credited by selecting the account number(s) in the appropriate box. 21 Accounts Payable 12 Accounts Receivable 19 Accumulated Depreciation 16 Building 31 Myra May, Capital 11 Cash 56 Depreciation Expense 32 Myra May, Drawing 41 Fees Earned 55 Insurance Expense 24 Insurance Payable 57 Interest Expense Interest Expense 25 Interest Payable 13 Interest Receivable 17 Land 18 Office Equipment 26 Notes Payable 14 Office Supplies 18 Office Supplies Expense 15 Prepaid Insurance 23 Unearned Fees 54 Wages Expense 22 Wages Payable 54 Wages Expense 22 Wages Payable Transactions Account(s) Debited Account(s) Credited a. Accrued wages as of the last day of month; payment will be made in three days. b. Paid the wages previously recorded in transaction (a) plus the wages earned in the first three days of the month. C. Bought a three-year insurance policy and paid in full. d. Made an entry to adjust for the expired portion of the insurance premium. e. Received $7,000 from a contract to perform accounting services over the next two years. f. Made an entry to adjust for half of the services performed in (e). g. Purchased office supplies, paying part cash and charging the balance on account. h. Borrowed money from a bank and signed a note payable due in six months. i. Recorded one month's accrued interest on the note payable. j. Recorded depreciation on the office equipment
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