Question

During the month of August, Sunland Industries had the following transactions: Aug. 2 Aug. 6 Aug. 10 Aug 15 Aug. 21 Aug. 28 Aug. 31 Paid cash for the August rent of $1.490. Purchased supplies of $240 on account. Collected $5,150 from customers on account. Received $2.280 cash for services to be rendered in September Paid for supplies purchased on account on August 6. Billed customers for $7,830 for services provided in August, Paid $130 cash for utilities expense. For each transaction fill in the below table for the date of the transaction, the account name to be debited and credited and the effect on the respective account: increase to the account and for a decrease to the account

Answer 1

Date	Debit account	Effect	Amount	Credit account	Effect	Amount
Aug 2	Rent expense	Increase	1,490	Cash	Decrease	1,490
Aug 6	Supplies	Increase	240	Accounts payable	Increase	240
Aug 10	Cash	Increase	5,150	Accoounts receivable	Decrease	5,150
Aug 15	Cash	Increase	2,280	Unearned revenue	Increase	2,280
Aug 21	Accounts payable	Decrease	240	cash	Decrease	240
Aug 28	Accoounts receivable	Increase	7,830	Service revenue	Increase	7,830
Aug 31	Utilities expense	Increase	130	Cash	Decrease	130