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Instructions: For the transactions below, indicate which accounts would increase and decrease in the accounting records of Bear Advertising Inc. The first one has been
Instructions: For the transactions below, indicate which accounts would increase and decrease in the accounting records of Bear Advertising Inc. The first one has been done for you. Assets Liabilities + Equity Accounts Prepaid Receivable Insurance Advert. Supplies Accounts Payable Uneamed Revenue = Notes Payable Equipment Common Stock Cash Retained Earrings +$11,000 +$11,000 8/1 You invested $11,000 in exchange for common stock to start Bear Advertising Inc. 8/4 Purchased 6 months of insurance for $3000 cash. 8/7 Purchased $6,000 of computer equipment by paying $3,000 in cash and signing a one year note payable for the rest 8/10 Purchased $3,000 of advertising supplies for cash. Liabilities + Equity Assets Accounts Prepaid Receivable Insurance Advert Supplies -Cash Cash Equipment Accounts Pavable Unearned Revenue Common Stock Notes Payable Retained Earrings +Advert - Utility Revenue Expense Dividends 8/13 A customer paid $7,000 in cash for advertising services performed today. 8/17 Received a utility bill for $750 and decided to pay it later. 8/20 A customer paid $5000 for advertising services to be performed in the future. 8/23 Paid half of the accounts payable from 8/17 8/25 Performed advertising services and charged the customer $9,000 on account (to be paid later). 8/28 Received half the balance from the 8/25 customer in cash. 8/31 Paid $3,000 in dividends. Totals
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