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Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they
Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Paid cash for salaries Account 1 Account Type Increase/Decrease Debit/Credit cash Account Type Account w2 Debit/Credit Increase/Decrease Purchased office supplies on account Increase/Decrease Account Type Debit/Credit Account #1 Debit/Credit Increase/Decrease Account Type Account #2 Prepaid for rent. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Owner contribution of furniture in exchange for common stock Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid for a one year insurance policy Debit/Credit Increase/Decrease Account Type Account #1 Debit/Credit Increase/Decrease Account Type Account #2
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