Chapter 2 Analyzing Transactions 93 EX 2-6 Normal balances of accounts J. 1, 2 Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner's equity, revenue, or expense and state in each case whether the normal balance is a debit or a credit: a. Accounts Payable f. Fees Earned b. Accounts Receivable g. Office Equipment c. Ashley Griffin, Capital inale h. Rent Expense i. Supplies j. Wages Expense d. Ashley Griffin, Drawing e. Cash

roblem: On November 1, 2019, Debbie Debit established an interior decorating business, Debit Designs. During the month, Debit completed the following transactions related to the business: November 1: Debit transferred cash from a personal bank account to a business account $27,750 1: Paid rent for the month $4,000 6: Purchased office equipment on account, $12,880 8: Purchased a truck for $32,500, paying $6.500 cash and giving a note payable for the remainder 10: Purchased supplies for cash $1,860 12: Received cash for job completed $7,500 15: Paid annual premiums on property and casualty insurance $2,400 23: Recorded jobs completed on account and sent invoice to customers $12,440 24: Received an invoice (bill) for truck expenses for the month of November to be paid in the following month $1,100 29: Paid utilities expense $3,660 29: Paid miscellaneous expense $1,700 30: Received cash from customers on account 30: Paid wages of employees $4,750 30: Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,220 30: Withdrew cash for personal use $2,000 Required: Prepare the journal entries for each transaction. I am not requiring you, at this point to post the transactions to the Taccounts (General Ledger) or prepare an unadjusted Trial Balance. Please review the illustrative Problem on pages 85-88. The accounts on pages 86-87 are 4 column T accounts. We will use 2 column T accounts which do not have the extra balance columns. We will simply add up the debit column, add up the credit column and subtract the smaller total from the larger. eun ence will equal. As accounts on pages 86-87 are 4 column T accounts. We will use 2 column T accounts which do not have the extra balance columns. We will simply add up the debit column, add up the credit column and subtract the smaller total from the larger