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### 12 Cards in this Set

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 Invested 20,000 in a business in exchange for Cap. Stock? Cash increased (debt) 20,000 Cap. Stock decreased (credit) 20,000 Paid 20,000 for land as a future bldg site? 1. 20,000 increased- debit to Land 2. 20,000 decrease-credit to cash Purchased supplies on account for 1,350? 1. 1,350 increase-debit to supplies 2. 1,350 increase-credit to Acct. payable Rec'v cash of 7,500 from customers for services provided? 1. 7,500 increase-debt to cash 2. 7,500 increase-credit to Fees Earned Incurred wage exp of 200 and rent exp of 500 and utility exp of 200? 1. An increase-debit wage, rent and utility exp 2. An decrease=credit also to cash Paid creditors on account of 950 ? 1. 950 decrease-debit to Acct. payable 2. 950 decrease-credit to cash 1,350 - 550 of supplies. The cost of supplies on hand was 550? 1. 800 increase-debit to Supp. exp 2. 800 decrease-credit to Supplies Paid \$2,000 of dividends to SO? 1. \$2,000 increase-debit to Dividends 2. \$2,000 decrease-credit to cash Prepaid \$2,400 for insurance to cover for one year? 1. \$2,400 increase-debit to prepaid insurance 2. \$2,400 decrease-credit to cash Prepaid monthly rent of \$800 in the end of the month? 1. \$800 increase-debit to rent exp. 2. \$800 decrease-credit to Cash Rented my Land for 3 months for \$350? 1. \$350 increase-debit to cash 2. \$350 increase-credit to Unearned Rent Purchased \$1,800 of office equipment on account? 1. \$1,800 increase-debit to Office Equip 2. \$1,800 increase-credit to Acct. Payable