Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each transaction.n
101 Cashn
111 Accounts Receivablen
121n
Suppliesn
131 Equipmentn
202 Accounts Payablen
301 Richelle Ray, Capitaln
401 Fees Incomen
511 Rent Expensen
514 Salaries Expensen
517 Utilities Expensen
TRANSACTIONSn
1. Gave a cash refund of $750 to a customer because of a lost package. (The customer had previously paid in cash.)n
2. Sent a check for $1,050 to the utility company to pay the monthly bill.n
3. Provided services for $7,800 on credit.n
4. Purchased new equipment for $4,600 and paid for it immediately by check.n
5. Issued a check for $3,500 to pay a creditor on account.n
6. Performed services for $15,250 in cash.n
7. Collected $6,250 from credit customers.n
8. The owner made an additional investment of $25,000 in cash.n
9. Purchased supplies for $3,250 on credit.n
10. Issued a check for $3,750 to pay the monthly rent.n
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