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Q)

Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in April 2011 for Computer Solutions, Inc.: 1. The company paid $4,500 for next year's rent. 2. The company paid $2,000 of its accounts payable, owed for previously purchased inventory. 3. The company declared and distributed $500 of dividends Transaction Increase/ Number Account Decrease Debit or Credit 1. Accounts Payable Accounts Receivable Cash Prepaid Rent Retained Earnings Determine how the accounts would be affected (increase or decrease and debit or credit) for the following transactions occurring in April 2011 for Computer Solutions, Inc.: 1. The company paid $4,500 for next year's rent. 2. The company paid $2,000 of its accounts payable, owed for previously purchased inventory. 3. The company declared and distributed $500 of dividends Transaction Increase/ Number Account Decrease Debit or Credit 1. Accounts Payable Accounts Receivable Cash Prepaid Rent Retained Earnings