Requirements: 1. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is given as an example of how to record these non-quantitative journal entries. The following is a series of accounts for Dewan & Allard Incorporated, which has been operating for two years. The accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions for the three month period of March, April, and May. Account No. 1 2 3 4 5 6 7 Account Title Accounts Payable Accounts Receivable Advertising Expense Buildings Cash Contributed Capital Income Tax Expense Income Tax Payable Account No. 9 10 11 12 13 14 15 Account Title Land Note Payable Prepaid Insurance Service Revenue Supplies Expense Supplies Wages Expense 8 Transactions Debit Credit example Issued shares to new investors. 5 6 March 3 Performed services for customers this period on credit. 6 Purchased supplies on credit but did not use supplies this period. 15 Prepaid a fire insurance policy this period to cover the next 12 months. - -- 27 Purchased a building this period by making a 20% cash down payment and signing a note payable for the balance. April 5 Collected cash for services that had been provided and recorded in the prior year. 9 Paid cash for wages that had been incurred this period. 12 Paid cash for supplies that had been purchased on accounts payable in the prior period. Paid cash for advertising expense incurred in the current period. 21 May 7 Incurred advertising expenses this period to be paid next period. 13 Collected cash for services rendered this period. 22 Recorded income taxes for this period to be paid at the beginning of the next period. -- 28 This period, a shareholder sold some of her shares to another person for an amount above the original issuance price