ACCOUNT ANALYSIS & IDENTIFICATION
Use the numbers to identify which accounts are involved in the transactions and the letters to identify which account group they are in. Also, use a ( + ) to show an increase or a ( - ) to show a decrease.
A..Assets
L..Liabilities
C..Capital
D..Drawing
R..Revenue
E..Expenses
1..Cash5..Accounts Payable 9…Salaries Expense
2..Accounts Receivable6..Owner's Equity 10..Utilities Expense
3..Prepaid Rent7..Withdrawals
4..Equipment8..Services Revenue

Categories
Accounts
0
The owner invested personal cash in the business
+A
+C
1
6
1
Paid $200 for 3 months rent ______ ______
2
Bought equipment on account ______ ______
3
Collected $500 for services performed ______ ______
4
Paid salaries of employees ______ ______
5
Owner withdrew cash from the business ______ ______
6
Paid what was owed from #2 above ______ ______
7
Performed services and billed the customer ______ ______
8
Paid the electric bill that just came in ______ ______
9
Collected cash from customer in #7 above ______ ______
10
 Returned some defective equipment for credit ______ ______



ACCOUNT ANALYSIS & IDENTIFICATION
These are the answers
Categories
Accounts
0
The owner invested personal cash in the business
+A
+C
1
6
1
Paid $200 for 3 months rent
+A
-A
3
1
2
Bought equipment on account
+A
+L
4
5
3
Collected $500 for services performed
+A
+R
1
8
4
Paid salaries of employees
+E
-A
9
1
5
Owner withdrew cash from the business
-A
-C
1
6
6
Paid what was owed from #2 above
-L
-A
5
1
7
Performed services and billed the customer
+A
+R
2
8
8
Paid the electric bill that just came in
+E
-A
10
1
9
Collected cash from customer in #7 above
+A
-A
1
2
10
Returned some defective equipment for credit
-L
-A
5
4