A chart of accounts is below. Following is a series of transactions. Indicate for each transaction the accounts that should be debited and credited by inserting the proper account number in the space provided.

\begin{array} { l l l l } 111 & \text { Cash } & 312 & \text { M. Tharp, Withdrawals } \\112 & \text { Accounts Receivable } & 411 & \text { Delivery Fees Earned } \\121 & \text { Delivery Equipment } & 511 & \text { Salaries Expense } \\211 & \text { Accounts Payable } & 512 & \text { Rent Expense } \\311 & \text { M. Tharp, Capital } & 513 & \text { Advertising Expense } \\& & 514 & \text { Gas Expense }\end{array}

Debit Credit Transaction
________ ________ 1. Invested cash in the business.
________ ________ 2. Received cash for delivery services performed.
________ ________ 3. Billed a customer for services performed.
________ ________ 4. Paid accounts payable.
________ ________ 5. Collected accounts receivable.
________ ________ 6. Withdrew cash for personal use.
________ ________ 7. Paid advertising expense.
________ ________ 8. Paid rent expense for the month.
________ ________ 9. Purchased delivery equipment on account.
________ ________ 10. Paid salaries for the week.

What Would Be the Effect on Accounts If the Business

Multiple Choice

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