The following is a chart of accounts for Janes Computer Repair Co. From the chart, indicate in column 2

(by account number) which accounts will be debited or credited due to the transactions in column 1.

CHART OF ACCOUNTS

ASSETS OWNERS EQUITY

110 Cash 300 J. Ramey, Capital

112 Accounts Receivable 310 J. Ramey, Withdrawals

116 Prepaid Rent 330 Income Summary

118 Prepaid Insurance

119 Computer Supplies

150 Delivery Van REVENUE

151 Accumulated Depreciation, Van 400 Repair Fees Earned

LIABILITIES EXPENSES

210 Accounts Payable 510 Advertising

216 Accrued Salaries 520 Depreciation Expense, Van

530 Insurance

560 Rent

570 Salaries

575 Computer Supplies

COLUMN 1 COLUMN 2

DEBIT(S) CREDIT(S)

1. Closed balance in revenue account to Income

Summary. _

2. Closed balance in individual expenses to

Income Summary. _

3. Closed balance in Income Summary to owners

Capital. (Assume that it is a net income.) _

4. Closed withdrawals to owners Capital. _

5. Recorded computer supplies used up. _

6. Recorded depreciation on van. _

7. Brought Salaries Expense up to date (an adjustment). _