Compound entry A journal entry ur.more accounts ( p,76 ). Debit The right side of an account (p,69). Dividend A dierribution by a corporation the the General journal The most basic form of journal (p. 75 EXERCISES 3-1 For cach of the following accounts indicate (a) the effect of a debit or a credit on the ac- Indicate count and (b) the normal balance. (SO 2) 1. Rooms Revenue 2. Rent Expense 3. Salary Payable 4. Capital 5. Food Revenue 6. Cash 3-2 Transactions for Milton's Wings and Pizza for the month of June Identify the accounts to be debited and credited for each transaction, and actions. June 1 Milton Wolfe invests $20,000 cash in exchange for shares 3-9 Alyson Clark is a licensed incorporated CPA. During the first month of operations of the lonemalize transactions pos, business, the following events and transactions occurred: Sept. 1 Invested $40,000 cash in exchange for common stock. and prepare a trial halance 2 Hired a secretary-receptionist at a salary of $2,480 per month. 1502,4,6,7] 3 Purchased $1,500 of supplies on account from Ross Supply Company. 7 Paid office rent of $1,500 for the month. 11 Completed a tax assignment and billed client $1,900 for services rendered. 12 Received $7,000 advance on a management consulting engagement. 17 Received cash of $2,350 for services completed for Mutter Company. 31 Paid secretary-receptionist $2,480 salary for the month. 31 Paid 40% of balance due Ross Supply Company. The company uses the foltowing chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No, 400 Service Revenue, No, 726 Salaries Expense, and No. 729 Rent Expense. Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on September 30,2008