Required: Using the Chart of Accounts for Smart Consulting Services $\text { Chart of Accounts }$

question 10

Essay

Required: Using the chart of accounts for Smart Consulting Services below, enter the account no. of the account being debited for each of the listed transactions.
$\text { Chart of Accounts }$
$\begin{array}{|l|l|}\hline \text { Assets: } & \text { Revenues: } \\\hline 101 \text { Cash } & 401 \text { Consulting Revenue } \\\hline 105 \text { Accounts Receivable } & \\\hline 109 \text { Prepaid Rent } & \text { Expenses: } \\\hline 110 \text { Office Supplies } & 510 \text { Salaries Expense } \\\hline\end{array}$ $\begin{array}{|l|l|}\hline 110 \text { Office Supplies } & 510 \text { Salaries Expense } \\\hline 180 \text { Equipment } & 515 \text { Utilities Expense } \\\hline & 520 \text { Insurance Expense } \\\hline \text { Liabilities: } & 525 \text { Rent Expense } \\\hline 201 \text { Accounts Payable } & 530 \text { Supplies Expense } \\\hline 210 \text { Wages Payable } & 570 \text { Miscellaneous Expense } \\\hline & \\\hline\text { owner's equity}\\\hline\text { 310 S. Smart, capital}\\\hline\text {311 S. Smart, drawing }\\\hline\end{array}$
Transaction Account No. of Account debited
1. Owner, Sam Smart, invested in business, $10,000 ________
2. Received $2,200 from customer due on accounts receivable ________
3. Issued a check for $1,000 to purchase office supplies ________
4. Bought equipment for $8,000, on account ________
5. Paid $500 to apply against the amount owed on the equipment ________
6. Issued a check for $1,500 for advance payment of two months rent ________
7. Consulting revenue earned of $6,000 but client will pay amt. owed, next week________
8. Charge account clients paid $1,000, reducing amount owed to the firm ________
9. Paid $600 to employees for salaries earned ________
10. Owner withdrew, $100 for personal use ________

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Definitions:

Hardball Tactics

Aggressive or uncompromising strategies used in negotiations or competition, designed to pressure the opposite side into conceding or agreeing to specific terms.

Starting Points

The initial positions or conditions from which something begins or is derived, often used in the context of negotiations or discussions.

Opening Statements

These are initial remarks made by each party in a negotiation or legal proceeding, outlining their position and the outcomes they seek.

Hardball Tactics

Refers to aggressive and often uncompromising negotiation strategies used to pressure the opposing party into conceding.