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Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals; revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry.Received cash on account from a customer.Account #1 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccount #2 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccrued liability for utilities.Account #1 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccount #2 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditPurchased office supplies on accountAccount #1 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccount #2 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditPaid cash for rent.Account #1 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccount #2 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditPurchased office furniture on accountAccount #1 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditAccount #2 Account Type Increase/DecreaseIncreaseDecreaseDebit/CreditDebitCreditRecord the following transactions as journal entries.Collected $7,000 cash for servicesCollected $7,000 cash for servicesDateAccounts and ExplanationDebitCreditNov. 3Paid $7,000 cash on account.Paid $7,000 cash on account.DateAccounts and ExplanationDebitCreditNov. 4Paid $7,000 cash for rent.Paid $7,000 cash for rent.DateAccounts and ExplanationDebitCreditNov. 5Paid $5,000 for advertising in the local paperPaid $5,000 for advertising in the local paperDateAccounts and ExplanationDebitCreditNov. 5Bright, the owner, withdrew $7,000 cash.Bright, the owner, withdrew $7,000 cash.DateAccounts and ExplanationDebitCreditNov. 5
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