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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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