ANALYZING TRANSACTIONS

Using the accounts listed below, identify the account affected given the increase and decrease information

ACCOUNT CLASSIFICATIONS AND OFFICIAL ACCOUNT NAMES

ASSETS: Cash, Account recievable, supplies, prepaid rent, computer equipment, office equipment

LIABILITIES: Account payable

OWNER'S EQUITY: J. Jones Capital, J. Jones Drawing

REVENUE: Fees Income

EXPENSES: Utlities expense, Rent expense, Salaries expense

1. Starting the business: The owner invests thier personal cash savings into the business

ACCOUNT INCREASED:

ACCOUNT INCREASED:

2. Issue a check to purchase supplies

ACCOUNT INCREASED:

ACCOUNT DECREASED:

3. Purchase computer equipment on account (also considered on credit) due in 30 days

ACCOUNT INCREASED:

ACCOUNT INCREASED:

4. Issue a check to purchase office eqiupment

ACCOUNT INCREASED:

ACCOUNT DECREASED:

5. Issue a check to prepay future months rent

ACCOUNT INCREASED:

ACCOUNT DECREASED: