Please read this. These are accounts that I have to?

Question

The chart of accounts used by Klear Copy Company is listed below. You are to indicate the proper accounts to be debited and credited for the following transactions by writing the account number(s) in the appropriate boxes.(which will be included in next post)

CHART OF ACCOUNTS

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101 Cash

209 Unearned Revenue

112 Accounts Receivable

301 Klear, Capital

125 Paper Supplies

306 Klear, Drawing

157 Copy Machines

400 Photocopy Revenue

200 Note Payable

610 Advertising Expense

201 Accounts Payable

729 Rent Expense

The rest to be included in next post. Please help me. I have had 5 questions and this is the one I don't get.

Answer 1

wow,,, a little finance 101.... sleeping through that class was a lot easier than actually doing it. no teacher has ever explained this at all so its clear... revenue is always credit and expense is always debit.... you have to figure the rest out.  it gets tricky when you dont have the money yet,, or payments pending