A company uses the following accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies. Rent Expense Notes Payable Salaries Expense Required: Indicate which accounts should be debited and which should be credited for the following transactions of the company. Transactions Example: Purchase equipment in exchange for cash. 1. Pay a cash dividend. 2. Pay rent in advance for the next three months. 3. Provide services to customers on account. 4. Purchase office supplies on account. 5. Pay salaries for the current month. Accounts Receivable Utilities Expense Service Revenue Retained Earnings Dividends 6. Issue common stock in exchange for cash. 7. Collect cash from customers for services provided in (3) above. 8. Borrow cash from the bank and sign a note. 9. Pay for the current month's utilities. 10. Pay for office supplies purchased in (4) above. Account Debited Equipment Cash Account Credited

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Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.