Question

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client

Answer 1

A)

No.	Account	Account type	Increase/decrease	Debit /credit
1	cash	Asset	Increase	Debit
	Service Revenue	Revenue	Increase	credit
2	cash	Asset	Increase	Debit
	Service Revenue	Revenue	Increase	credit
3	cash	Asset	Increase	Debit
	common stock	Common stock	Increase	credit
4	Land	Asset	Increase	Debit
	cash	Asset	Decrease	credit
5	cash	Asset	Increase	Debit
	common stock	Common stock	Increase	credit

2)

Date	Account title	Debit	credit
Nov 3	Accounts payable	7000
	cash		7000
Nov 4	Dividend	8000
	cash		8000
Nov 5	Equipment	8000
	Accounts payable		8000
Nov 5	Accounts receivable	9000
	service revenue		9000
Nov 5	cash	9000
	service revenue		9000