select transactionfor A.mane,an iterior decorator in her first month of bussines
ID: 2422482 • Letter: S
Question
select transactionfor A.mane,an iterior decorator in her first month of bussiness,are as follows.
jan 2. invested $ 10.000 cash in bussiness
3. purchased used car for $3000 cash for use in bussiness.
9.purchased supplies on account for $500
11. billed customers $ 2.400 for services performed.
16. Paid $350 cash for advertising
20.received $700 cash from customers billed january 11
23.paid creditor $300 cash on balance owed
28. withdrew $1.000 cash for personal use by owner.
For each transaction ,indicate the following
a. the basic type of account debited and credited (asset,liability,owner equity)
b.the specific account debited and credited(cash,rent,service revenue)
c.wether the specific account is increased or decreased.
d.the normal balance of the specific account
Explanation / Answer
A b c d Date Type of account debitedand credited (asset,liability,
owner equity) pspecific account
debited and
credited specific account is
increased or decreased balance of the
Lspecific account Jan2 debit Asset
Credit owner equity debit cash
Credit owner equity cash increase
Owner's equity increase Cash debit balance
Owner equity credit balance Jan3, debit Asset
Credit asset debit car
Credit cash car increase
Cash decrease car debit balance
Cash debit balance Jan9, debit asset
Credit liability debit supplies
Credit account payable
Supplies increase
Account payable increase supplies debit balance
Account payable credit balance Jan11 debit asset
Credit owners equity debit account receivable
Credit service revenue account receivable increase
Service revenue increases account receivable debit balance
Service revenue credit balance Jan16, debit owners equity
Credit asset debit advertising expense
Credit cash advertising expense increase
Cash decrease advertising expense debit balance
Cash debit balance Jan20 debit asset
Credit asset debit cash
Credit account receivable cash increase
Account receivable decrease Cash debit balance
Account receivable debit balance Jan23 debit liabilities
Credit asset debit account payable
Credit cash account payable decrease
Cash decrease account payable credit balance
Cash debit balance Jan28 debit owners equity
Credit asset debit owners drawing
Credit cash owners drawing increase
Cash decrease owners drawing debit balance
Cash debit balance
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.