Question

Purchased office supplies on account. Account Name Account Type Increase/Decrease Debit/Credit I Collected cash for future services. Account Name Account Type Increase/Decrease Debit/Credit

Answer 1

A) Purchased office supplies on account

Account Name	Account Type	Increase/ Decrease	Debit/ Credit
Supplies	Real Account	Increase	Debit
Account Payable	Personal account	Increase	Credit

B) Collected cash for future services.

Account Name	Account Type	Increase/ Decrease	Debit/ Credit
Cash	Real Account	Increase	Debit
Unearned Services Revenue	Personal account	Increase	Credit

Journal entries are as follows:

A) Collected $6,000 cash for future services.

Date	Account and Explanation	Debit ($)	Credit($)
A)	Cash	6,000
	Unearned Services Revenue		6,000
	(Recorded the cash for future services.)

B) Owner contributed $8,000 in furniture in exchange for common stock

Date	Account and Explanation	Debit ($)	Credit($)
B)	Furniture	8,000
	Common stock		8,000
	(Recorded the cash the exchange of furniture with the common stock.)