Below Is a Chart of Accounts Debit  &Nbsp;      Credit &Nbsp; &Nbsp;      Transaction
________ ________ 1

question 62

Essay

Below is a chart of accounts. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided.
$$\begin{array} { l l } 111 \text { Cash } & 312 \text { R. Andrews, Withdrawals } \\112 \text { Accounts Receivable } & 411 \text { Service Fees } \\121 \text { Office Equipment } & 511 \text { Salaries Expense } \\211 \text { Accounts Payable } & 512 \text { Rent Expense } \\311 \text { R. Andrews, Capital } & 513 \text { Advertising Expense }\end{array}$$
Debit         Credit          Transaction
________ ________ 1. Purchased office equipment on account.
________ ________ 2. Paid salaries for the week.
________ ________ 3. Invested additional cash in the business.
________ ________ 4. Received cash for services performed.
________ ________ 5. Billed a client on account for services performed.
________ ________ 6. Paid accounts payable.
________ ________ 7. Collected accounts receivable.
________ ________ 8. Withdrew cash for personal use.
________ ________ 9. Paid advertising expense.
________ ________ 10. Paid rent expense for the month.

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Definitions:

Listed Party

An individual or entity that appears on a list due to certain criteria, often used regarding sanctions, where listed parties are restricted from certain transactions and relationships.

Enforceability

The ability of a legal document or agreement to be upheld or compelled by law in a court of justice.

Notice of Assignment

A formal notification given to all relevant parties that a specific task, role, or obligation has been assigned to another party.

Assignee

An individual, group, or legal entity to which rights or interests have been transferred by another, known as the assignor.