Selected accounts from the general ledger of the Taylor Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction.
101 Cash
111 Accounts Receivable
121 Supplies
131 Equipment
202 Accounts Payable
301 Sam Taylor, Capital
401 Fees Income
511 Rent Expense
514 Salaries Expense
517 Utilities Expense
TRANSACTIONS
1. Gave a cash refund of $1,500 to a customer because of a lost package. (The customer had previously paid in cash.)
2. Sent a check for $2,100 to the utility company to pay the monthly bill.
3. Provided services for $15,600 on credit.
4. Purchased new equipment for $9,200 and paid for it immediately by check.
5. Issued a check for $7,000 to pay a creditor on account.
6. Performed services for $10,500 in cash.
7. Collected $12,500 from credit customers.
8. The owner made an additional investment of $50,000 in cash.
9. Purchased supplies for $6,500 on credit.
10. Issued a check for $7,500 to pay the monthly rent.
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