XACC 280 Week 2 Assignment Appendix K

Use this template to complete the assignment per the instructions below Sylvia's Party Consulting Chart of Accounts: No. 101Cash No. 112Accounts Receivable No. 126Supplies No. 201Accounts Payable No. 205 Unearned Revenue No. 311Common Stock No. 400Service Revenue No. 726Rent Expense No. 729Salaries Expense Debit and Credit Matrix IncreaseDecrease Assets DebitCredit LiabilitiesCreditDebit Owners' Equity CreditDebit Revenue CreditDebit Expenses DebitCredit During the first month of operation of Sylvia's Party Consulting the following transactions occurred: October 1Received $25,000 cash in exchange for common stock 1 Paid office rent for the month for $500 15Provided consulting services on account for $2,500 18Purchased office supplies on account for $300 20Received $1,000 cash for consulting services provided 31Paid employee salaries for the month of $700 Instructions (a) Using the chart of accounts and the matrix provided, answer the following questions for each transaction listed above on the tab labeled Analyzing Transactions: What two accounts are involved in the transaction? What type of account is each (Asset, Liability, Owners' Equity, Revenue, or Expense)? Does each account increase or decrease in the transaction? Per the matrix provided should each account have a debit entry or a credit entry? (b) Journalize the transactions on the tab labeled General Journal