Chart of AccountsThis chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.Asset AccountsLiability AccountsEquity AccountsAcct #Acct #Acct #Cash101Notes Payable201Owner's Capital301Accounts Receivable102Accounts Payable202Owner Draws302Prepaid Rent103Wages Payable203Office Furniture104Office Supplies105Accumulated Depreciation (contra asset)106Revenue AccountsAcct #Service Revenue401Expense AccountsAcct #Rent expense501Business License Expense502Insurance Expense503Repairs and Maintenance504Advertising Expense506Wages Expense507Utilities Expense508Depreciation Expense509CashBaking SuppliesPrepaid RentPrepaid InsuranceBaking EquipmentOffice SuppliesAccounts ReceivableAccumulated DepreciationMerchandise InventoryNotes PayableAccounts PayableWages PayableInterest Payable Common StockDividendsBakery SalesMerchandise SalesBaking Supplies ExpenseRent ExpenseInsurance ExpenseMisc. ExpenseBusiness License ExpenseAdvertising ExpenseWages ExpenseTelephone ExpenseInterest ExpenseDepreciation ExpenseOffice Supplies ExpenseCost of Goods Sold General JournalA CompanyGeneral Journal Entries Journal Entry TipsThe debited account is recorded first, credited account recorded second.Debits and credits must always equal!DateAccountsDebitCreditThere can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.Mar 1.Cash125,000.00Be sure to use your chart of accounts (the first page of this workbook). Notes Payable125,000.00Each account you will record to is already listed and organized by classification of the account.(To record amount borrowed)Mar 1.License Expense250.00Cash250.00(To record license expense paid)Mar 2.Rent Expense950.00Cash950.00(To record rent expense incurred)Mar 5.Office Furniture2,750.00Cash15,000.00Owner's Capital17,750.00(To record furniture & Cash Contributed)Mar 6.Cash 650.00Service Revenue650.00(To record service revenue earned)Mar 8.Advertising Expense500.00Accounts Payable500.00(To record advertising expense incurred)Mar 10.Accounts Receivable 1,725.00Service Revenue1,725.00(To record service revenue earned on account)Mar 15.Insurance750.00Cash750.00(To record insurance expense incurred)Mar 20.Utilities Expense135.00Accounts Payable135.00(To record utilities expense incurred)Mar 22.Owner's Withdrawal500.00Cash500.00(To record amount withdrawn for personal use)Mar 25. Office Supplies215.00Cash215.00(To record supplies purchsed)Mar 25.Cash 350.00Service Revenue350.00(To record service revenue earned)Mar 30.Accounts Payable500.00Cash500.00(To record payment made on account)Mar 30.Cash1,725.00Accounts Receivable 1,725.00(To record amount received on account)Mar 31.Salaries Expense275.00Salaries Payable 275.00(To record salaries expense incurred)Mar 31.Accounts Receivable 3,500.00Service Revenue3,500.00(To record service r.