question 1

State the normal balance of the account below:

AccountsDebit or Credit

1.Service Revenue__________________

2.Rent Expense__________________

3.Accounts Receivable__________________

4.Accounts Payable__________________

5.Retained Earnings__________________

6.Supplies__________________

7.Insurance Expense__________________

8.Dividends__________________

9.Equipment__________________

10.Notes Payable__________________

question 2

Keep a journal for the business transactions below in a general journal.

1. The company issued common stock in exchange for 25,000 in cash.

2. Purchase 400 supplies on account.

3. Purchased equipment for 10,000, paid 3,000 in cash and signed a 30-day, 7,000, note payable.

4. Send invoices to clients totaling 4,000 for the work already done.

5. Paid 700 cash for 1 month office rent.

6. Paid 200 cash for supplies purchased in transaction 2.

7. Received bill of 600 in advertising costs.

8. Paid 2,200 cash in wages.

9. The company paid a dividend of 1,200.

10. Received a check for 3,000 from the client in payment for billing in transactions 4.