Step 2: 2b

Activity 2.b. Analyze the Transactions 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. Refer to the Chart of Accounts for account titles. Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit cash assets Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit Common Stock Common Stock Increase Credit Paid for repairs to the company truck Account #1 Account Type Increase/Decrease Debit/Credit repairs expense expenses Increase Account #2 Account Type Increase/Decrease Debit/Credit Cash assets Decrease Credit Paid for repairs to the company truck Account #1 Account Type Increase/Decrease Debit/Credit repairs expense expenses Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit cash assets Decrease Credit Purchased office furniture on account Account #1 Account Type Increase/Decrease Debit/Credit Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit Increase Credit