Advertising was purchased on open account for $3,500 from a newspaper owned by one of the stockholders; additional advertising services of $5,000 were acquired for cash. [Note: Combine both transactions into one entry].
Tell what accounts are affected in order, and by how much (values can be positive or negative). The answer choices are Cash, accounts receivable, inventory, prepaid rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable, paid-in capital, retained earnings, leave blank. Some choices may show up more than once.