Principles of Accounting I Chapter 1 (part 1 of 4) Written Cycle Project Version 14 Your Name: Instructor: Date Submitted Score Points Tutor Initials Instructions: For the transactions below, indicate which accounts would increase and decrease in the accounting records of Able Advertising Inc. The first one has been done for you 8/1 64 8/7 You invested $14,000 in exchange for common stock to start Able Advertising Inc Purchased 3 months of insurance for $750 cash Purchased $5,000 of computer equipment by paying $1,000 in cash and signing a one year note payable for the rest 6/10 Purchased $2,000 of advertising supplies on account 6/13 A customer paid $7000 for advertising services to be performed in the future 8/17 Recaved a utisty bill for $750 and paid it in cash 8/20 A customer paid $5,000 in cash for advertising services performed today 8/23 Paid half of the accounts payable from 610 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 $2,000 in dividends Totals 14000 I Assets Ada Liabilities Equity 14000 Assets Liabilities +Equity