INSTRUCTIONS: For Demo Tech Systems Consultants, indicate the accounts to be debited and

credited in recording the transactions described below by inserting the letter designation for the

accounts in the appropriate columns.

ACCOUNTS

A. Cash E. Equipment I. W. Sharpe, Capital M. Prepaid Rent

B. Accounts Receivable F. Office Supplies J. W. Sharpe, Drawing N. Fees Earned

C. Building G. Notes Receivable K. Notes Payable O. Rent Expense

D. Land H. Accounts Payable L. Office Supplies Expense P. Wages Expense

TRANSACTIONS Debit Credit

0. Provided professional services to customers on account B N

1-2. Provided professional services for cash

3-4. William Sharpe withdrew cash for personal use

5-6. Purchased office supplies on account

7-8. Discovered an error in computing and paying the wages of an

employee. Paid cash to the employee for the amount of the

underpayment

9-10. Paid rent covering a two-year period

11-12. Purchased building and equipment, paying one-fourth in cash

and giving a note for the balance

13-14. Sold office supplies to employees at cost, receiving cash

15-16. Returned for credit office supplies purchased on account

17-18. Received cash from customers on account