Transaction Analysis Shawn Michael started a computer programming business, Michael’s Programming Service, Inc. For each transaction that follows, indicate which account is debited and which account is credited. May 2 Shawn Michael invested $10,000 in exchange for common stock. 5 Purchased a computer for $5,000 in cash. 7 Purchased supplies on credit for $600. 19 Received cash for programming services performed, $1,000. 22 Received cash for programming services to be performed, $1,200. 25 Paid the rent for May, $1,300. 31 Billed a customer for programming services performed, $500. Debit Credit May 2 SelectAccount ReceivableCashOffice EquipmentCommon StockSuppliesItem 1 SelectAccounts PayableCashOffice EquipmentCommon StockSuppliesItem 2 5 SelectAccounts PayableCashOffice EquipmentOffice Equipment ExpenseSuppliesItem 3 SelectAccounts PayableAccounts ReceivableCashOffice EquipmentCommon StockItem 4 7 SelectAccounts PayableAccounts ReceivableOffice EquipmentCommon StockSuppliesItem 5 SelectAccounts PayableAccounts ReceivableCashCommon StockSuppliesItem 6 19 SelectAccounts ReceivableCashProgramming Service RevenueCommon StockUnearned Programming Service RevenueItem 7 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 8 22 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 9 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 10 25 SelectAccounts PayableCashRent ExpenseRent RevenueSuppliesItem 11 SelectAccounts PayableAccounts ReceivableCashRent ExpenseSuppliesItem 12 31 SelectAccounts PayableAccounts ReceivableProgramming Service RevenueSuppliesUnearned Programming Service RevenueItem 13 SelectAccounts PayableAccounts ReceivableProgramming Service RevenueSuppliesUnearned Programming Service Revenue Item 14

Transaction Analysis

Shawn Michael started a computer programming business, Michael’s Programming Service, Inc. For each transaction that follows, indicate which account is debited and which account is credited.

May 2 Shawn Michael invested $10,000 in exchange for common stock.
5 Purchased a computer for $5,000 in cash.
7 Purchased supplies on credit for $600.
19 Received cash for programming services performed, $1,000.
22 Received cash for programming services to be performed, $1,200.
25 Paid the rent for May, $1,300.
31 Billed a customer for programming services performed, $500.

 

Debit Credit
May 2 SelectAccount ReceivableCashOffice EquipmentCommon StockSuppliesItem 1 SelectAccounts PayableCashOffice EquipmentCommon StockSuppliesItem 2
5 SelectAccounts PayableCashOffice EquipmentOffice Equipment ExpenseSuppliesItem 3 SelectAccounts PayableAccounts ReceivableCashOffice EquipmentCommon StockItem 4
7 SelectAccounts PayableAccounts ReceivableOffice EquipmentCommon StockSuppliesItem 5 SelectAccounts PayableAccounts ReceivableCashCommon StockSuppliesItem 6
19 SelectAccounts ReceivableCashProgramming Service RevenueCommon StockUnearned Programming Service RevenueItem 7 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 8
22 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 9 SelectCashProgramming Service RevenueCommon StockSuppliesUnearned Programming Service RevenueItem 10
25 SelectAccounts PayableCashRent ExpenseRent RevenueSuppliesItem 11 SelectAccounts PayableAccounts ReceivableCashRent ExpenseSuppliesItem 12
31 SelectAccounts PayableAccounts ReceivableProgramming Service RevenueSuppliesUnearned Programming Service RevenueItem 13 SelectAccounts PayableAccounts ReceivableProgramming Service RevenueSuppliesUnearned Programming Service Revenue
Item 14


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