THE DEBITICREDIT RULES STAY OUT OF THE BLUE AREAS: ! 0 1. Max Daly invested $20,000 in the business, Daly Accounting ASSET LIAB LIAB ASSET 1 OE OE T 31 DALY CAPITAL 2. Daly paid rent in the amount of $2,500 cash. 101 CASH 0 0 201 ACCTS PAYABLE 0 0 302 DALY DRAWING 0 0 3. Daly borrowed $10,0001) cash from Bank of America, signing a note payable. 0 0 0 0 4. Daly purchased $3,000 of supplies on account. OPERATIONS 501 RENT EXPENSE 101 40) SERVICE REVENUE S. Daly provided services to customers on account, $4,000. 2012 NOTES PAYABLE 1) 1114 ACCTS RECEIV. 0 0 0 0 6. Advertising was purchased on account, 51,000. . 7. Equipment was purchased, 59,000. A cash down payment of $2,000 was paid, and a note payable was signed in the amount of $7.000. 503 ADVERT. EXPENSE 1016 SUPPLIES 0 0 8. Daly withdrew S1,500 cash from the business for personal use. 9. Cash was collected from eustomers on account, $2,500. . 510 SUPPLIES EXPENSE 110 EQUIPMENT 0 10. At the end of the month the supplies remaining were $1,800, so the supplies used up were $1,200. 0 CREDIT TRIAL BALANCE DEBIT 101 CASII 104 ACCTS RECEIVABI 106 SUPPLIES 110 EQUIPMENT 201 ACCTS PAYABLE 202 NOTES PAYABLE 301 DALY CAPITAL 312 DALY DRAWING 401 SERVICE REVENUE 501 RENT EXPENSE 503 ADVERT. EXPENSE SIO SUPPLIES EXPENSI TOTALS 0 In Balance? DR-CR? YES 0 Dashboard ca Calendar Je To Do Notifications Inbox

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