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WEEK 1: ANALYZING TRANSACTIONS Instructions: Account classifications and official account names: Assets Liabilities Revenue Cash Accounts Payable Fees Income Accounts Receivable Supplies Owner's Equity Expenses Prepaid Rent J. Jones, Capital Utilities Expense Computer Equipment J. Jones, Drawing Rent Expense Office Equipment Salaries Expense EXAMPLE: Issue a check to pay the current month's rent. Account Increased Rent Expense Account Decreased Cash Account Increased Cash Account Increased J. Jones, Capital 2. Issue a check to purchase supplies. Account Increased Supplies Account Decreased Cash Using the accounts listed below, identify the account affected given the increase and decrease information. (10 points each for a total of 120 points) 1. Starting the business: The owner invests their personal cash savings into the business.
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Account Increased Computer Equipment Account Increased Accounts Payable 4. Issue a check to purchase office equipment.
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  • Summer '17
  • Robinson
  • J. Jones, Purchase computer equipment

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