Chapter 3, Problem 3.6AMCP

Accounts Used to Record Transactions

A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a company during its first year of operations.

Required

For each transaction, indicate the account or accounts that should be debited and credited.

1. Cash
2. Accounts Receivable
3. Prepaid Insurance
4. Office Supplies
5. Automobiles
6. Land
7. Accounts Payable
8. Income Taxes Payable
9. Notes Payable
10. Capital Stock
11. Retained Earnings
12. Service Revenue
13. Wage and Salary Expense
14. Utilities Expense
15. Income Tax Expense