Below shows the account balances from the ledgers for Mada Lee Lhang Consulting Company for December 31, 2021.

Require: Identify the below accounts into their correct financial statement elements. Also, identify if it will be in debit or credit.

1 ticked for the Financial Statement Element

1 ticker for Debit or Credit

Example: one for Asset, one for Debit

Note: There will be 2 ticked check boxes per item. In the event that there will be more than 2 ticked check boxes, the item will be totally wrong.

Asset Liability Capital Withdrawal Revenue

Expenses Debit Credit

Accounts Receivable 3,000.00

Accumulated Depreciation 1,045.00

Allowance for Doubtful Accounts 350.00

Cash 7,000.00

Office Equipment 4,500.00

Office Supplies 900.00

Lhang, Capital 10,000.00

Lhang, Drawings 500.00

Depreciation Expense 1,045.00

Doubtful Account Expense 350.00

Rent Expense 600.00

Salaries Expense 2,500.00

Supplies Expense 3,300.00

Utilities Expense 745.00

Accounts Payable 1,000.00

Loans Payable 5,000.00

Utilities Payable 45.00

Consulting Revenue 7,000.00