1) Payment for office electricity is recorded as __________. a) Debit : Utilities Expense, Credit : Cash b) Debit : Cash, Credit : Utilities Expense 2) Cash received from customers. a) Debit Cash, Credit Service Revenue b) Debit Service Revenue, Credit Cash 3) Owner invests money in the business a) Debit Cash, Credit Owner’s Capital b) Debit Owner’s Capital, Credit Cash 4) Amounts owed to suppliers (supplies, on account) a) Debit Supplies, Credit Accounts Payable b) Debit Accounts Payable, Credit Supplies 5) Rendered services on account. a) Debit Accounts Receivable, Credit Service Revenue b) Debit Service Revenue, Credit Accounts Receivable 6) Borrowing money from the bank, payables in 24months with promissory notes. a) Debit Cash, Credit Notes Payable b) Debit Notes Payable, Credit Cash 7) Buying furniture for the office (paid cash) a) Debit Furniture, Credit Cash b) Debit Cash, Credit Furniture 8) Salaries paid to employees a) Debit Salaries Expense, Credit Cash b) Debit Cash, Credit Salaries Expense 9) Owner withdraws money a) Debit Owner’s Withdrawals, Credit Cash b) Debit Cash, Credit Owner’s Withdrawals 10) Cash collected from customers (on account) a) Debit Accounts Receivable, Credit Service Revenue b) Debit Cash, Credit Accounts Receivable 11) Cash received for service. a) Debit Cash, Credit Service Revenue b) Debit Service Revenue, Credit Cash 12) Rent paid for office(current month) a) Debit Rent Expense, Credit Cash b) Debit Cash, Credit Rent Expense 13) Equipment purchased on account a) Debit Equipment, Credit Accounts Payable b) Debit Accounts Payable, Credit Equipment

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