Unit 5
Accounting and Finance Foundations Unit 5: Accounting Terminology 369Accounting Terminology
Chapter 14
Student Assignment
Lesson 14.6 Analyzing Transactions No. 2
Analyze the following transactions to determine which accounts are involved, whether the account increas-
es or decreases, and in which account group they belong. Follow the example below. Identify each account
as either a debit or credit. Identify with DR for Debit and CR for Credit.Example: Paid cash for rent
+ Expense (Rent Expense) DR – Assets (Cash) CR- Bought new equipment with cash.
- Received cash from sales.
- Withdrew cash for personal use.
- Sold services on account.
- Paid cash for supplies.
- Paid cash for prepaid insurance.
- Bought supplies on account.
- Received cash payment from customer for their account balance.
- Paid cash for phone bill.
- Paid cash on account to accounts payable.
- Owner invested cash into the business.
- Received payment from Accounts Receivable account.
- Received cash from sales.
- Paid cash for advertising expense.
- Bought supplies on account.
- Paid cash on Accounts Payable account.
- Withdrew cash for personal use.
- Sold services on account to AR.
- Received cash from owner as investment.
- Paid cash for insurance.
Name: _____________________________________________________ Date: ___________________