Unit 5
Accounting and Finance Foundations Unit 5: Accounting Terminology 365
Accounting Terminology
Chapter 14
Lesson 14.5
Student Assignment
Analyzing Transactions No. 1
This exercise provides continuing practice in analyzing transactions into debit and credit parts.
INSTRUCTIONS:
n Using the following account titles, write the accounts affected by each transaction in Column 2.
n For each account title, write the account classification in Column 3.
n For each account title, place a check mark in either Column 4 or 5 to indicate the normal balance.
n For each account title, place a check mark in either Column 6 or 7 to indicate if the account is
increased (+) or decreased (-) by this transaction.
n For each account title, place a check mark in either Column 8 or 9 to indicate if the account is
changed by a debit or a credit.
Transactions
- Paid cash for advertising.
- Paid cash for repairs.
- Received cash from owner as an investment.
- Paid cash for miscellaneous expense.
- Bought supplies on account from Gable Supplies.
- Paid cash on account to Gable Supplies.
- Paid cash for water bill.
- Paid cash for supplies.
- Paid cash for rent.
- Received cash from sales.
- Paid cash for insurance.
- Sold services on account to Lisa Cook.
- Received cash on account from Lisa Cook.
- Paid cash to the owner for personal use.