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Secure https://act.pearsoncmg.com/test-out/2 grade, you can try activities again or attempt the Practice Mastery. Your work will be saved as you work through each part. MASTERY 2 PARTS 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 Purchased office supplies on account Account #1 Account Type Decrease Dbit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bright, the owner, contributed cash in exchange for capital. Account #1 Account Type Increase/Decrease Credit Account #2 Account Type ncrease/Decrease Debit/Credit

Explanation / Answer

Purchased office supplies on account

Bright, the owner, contributed cash in exchange for capital

Account #1 Account Type Increase/Decrease Debit/Credit Office Supplies Assets Increase Debit Account #2 Account Type Increase/Decrease Debit/Credit Accounts Payable Liabilities Increase Credit

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