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25 April, 11:09

In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:

1. Acquired cash from the issue of common stock.

2. Provided services for cash.

3. Paid cash for salaries expense.

4. Purchased supplies for cash.

5. Paid in advance for two-year lease on office space.

6. Provided services on account.

7. Recognized expense for prepaid rent that had been used up by the end of the accounting period.

8. Recorded accrued salaries at the end of the accounting period.

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  1. 25 April, 11:34
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    1) Acquired cash from the issue of common stock:

    Debit; Cash

    Credit; Common stock

    2) Provided services for cash:

    Debit; Cash

    Credit; Service revenue

    3) Paid cash for salaries expense:

    Debit; Salaries expense

    Credit; Cash

    4) Purchased supplies for cash:

    Debit; Supplies

    Credit; Cash

    5) Paid in advance for two-year lease on office space:

    Debit; Office space (prepayment)

    Credit; Cash

    6) Provided services on account:

    Debit; Service expense

    Credit; Account payable

    7) Recognized expense for prepaid rent that had been used up by the end of the accounting period:

    Debit; Rent expense

    Credit; Prepaid rent

    8) Recorded accrued salaries at the end of the accounting period:

    Debit; Salaries expense

    Credit; Salaries payable
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