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Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals; revenue; and expenses), if they

Analyze the Transactions

Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals; 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.

Bright, the owner, contributed furniture in exchange for capital.

Collected cash for services

Prepaid for rent.

Chart of Accounts

Account Number Account Title
101 Cash
105 Accounts Receivable
110 Interest Receivable
112 Notes Receivable
115 Office Supplies
120 Prepaid Insurance
125 Prepaid Rent
130 Short-term Investments
140 Long-term Investments
145 Building
146 Accumulated Depreciation - Building
150 Equipment
151 Accumulated Depreciation - Equipment
155 Furniture
156 Accumulated Depreciation - Furniture
160 Office Furniture
161 Accumulated Depreciation - Office Furniture
165 Truck
166 Accumulated Depreciation - Truck
170 Land
175 Copyright
178 Franchise
180 Patent
182 Trademark
201 Accounts Payable
205 Rent Payable
210 Salaries Payable
215 Utilities Payable
220 Interest Payable
225 Dividends Payable
235 Unearned Revenue
250 Notes Payable
255 Mortgages Payable
260 Premium on Bonds Payable
301 Owner, Capital
320 Owner, Withdrawals
325 Income Summary
410 Service Revenue
420 Dividend Revenue
430 Interest Revenue
505 Advertising Expense
510 Delivery Expense
515 Depreciation Expense
520 Insurance Expense
525 Interest Expense
535 Repairs and Maintenance Expense
540 Rent Expense
545 Salaries Expense
550 Supplies Expense
555 Utilities Expense

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