I have an assignment that I am having some trouble with. I know not to copy and paste and expect you to answer my homework for me but I do want to see if I have any of this right, and then I need to have some help on the last item. Please help me. Thanks!


. The chart of accounts used by Klear Copy Company is listed below.
You are to indicate the proper accounts to be debited and credited
For the following transactions by writing the account number(s) in
The appropriate boxes.

CHART OF ACCOUNTS
—————————————————
101 Cash 209 Unearned Revenue
112 Accounts Receivable 301 Klear, Capital
125 Paper Supplies 306 Klear, Drawing
157 Copy Machines 400 Photocopy Revenue
200 Note Payable 610 Advertising Expense
201 Accounts Payable 729 Rent Expense
—————————————————————————————————————————————————— ——————————————————
Number(s) Number(s)
Of account(s) of account(s)
Debited credited

1. Tom Klear invests $90,000 101
Cash to start the business.
—————————————————————————————————————————————————— ——————————————————
2. Purchased three photocopy
Machines for $200,000, paying 157
$50,000 cash and signing a 5-year,
10% note for the remainder.
—————————————————————————————————————————————————— ——————————————————
3. Purchased $5,000 paper supplies 125
On credit.
—————————————————————————————————————————————————— ——————————————————
4. Cash photocopy revenue amounted 400
To $7,000.
—————————————————————————————————————————————————— ——————————————————
5. Paid $500 cash for radio 201
Advertising.
—————————————————————————————————————————————————— ——————————————————
6. Paid $800 on account for paper 125
Supplies purchased in trans-
Action 3.
—————————————————————————————————————————————————— ——————————————————
7. Owner withdrew $1,500 from the 306
Business for personal expenses.
—————————————————————————————————————————————————— ——————————————————
8. Paid $1,200 cash for rent for 729
The current month.
—————————————————————————————————————————————————— ——————————————————
9. Received $2,000 cash advance 209
From a customer for future
Copying.
—————————————————————————————————————————————————— ——————————————————
10. Billed a customer for $450 for
Photocopy work done.?
—————————————————————————————————————————————————— ——————————————————

I have no idea if I am doing any of it right but I need some assistance. :confused: :confused: :confused:

1. Debit Cash, Credit Capital
2. Debit Machines, Credit Cash and Notes Payable
3. Debit Paper Supplies, credit Accounts Payable
4. Debit Cash, Credit Photocopy Revenue
5. Debit Advertising Expense, Credit Cash
6. Debit Accounts Payable, Credit Cash
7. Debit Drawing, Credit Cash
8. Debit Rent Expense, Credit Cash
9 Debit Cash, Credit Unearned Revenue
10. Debit Accounts Receivable, Credit Pholocopy Revenue