WileyPLUS weygandt, Financial Accounting, 9e CALCU Exercise 2-2 Your answer is p

Question

WileyPLUS weygandt, Financial Accounting, 9e CALCU Exercise 2-2 Your answer is partially correct. Try again. Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $15,000 cash in the business in exchange for common stock 3 9 11 16 20 23 28 Purchased used car for $8,200 cash for use in the business. Purchased supplies on account for $500. Billed customers $1,800 for services performed. Paid $200 cash for advertising Recelved $780 cash from customers billed on January 11. Paid creditor $300 cash on balance owed. Declared and paid a $500 cash dividend. For each transaction, indicate the following The basic type of account debited and credited (Asset, Liablity, Stockholders' Equity) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.). Whether the specific account is increased or decreased The normal balance of the specific account. (a) (b) (c) (d) Account Debited Jan. 2 Asset cash Increase Debit + Stockholders 3 Asset cash :cash Decrease Credit ta 9 T Asset Supplies Increase Debit Liability 11 Liability Accounts Receivable Increase ITDebit + Stockholders' E esc FI F3 4

Explanation / Answer

Solution.

Clasification of Account.

Tranjection Basic type Specific Account Effect Normal Balance Basic type Specific Account Effect Normal Balance 2-Jan Asset Cash Increase Debit Stock holder equuity Common stock Increase Credit 3-Jan Asset Car Increase Debit Asset Cash Decrease Debit 9-Jan Asset Supplies Increase Debit libilities Account payable Increase Credit 11-Jan Asset Account Reveivable Increase Debit Stock holder equuity Service revenue Increase Credit 16-Jan Expense Advertisment Increase Debit Asset Cash Decrease Credit 20-Jan Asset Cash Increase Debit Asset Account Reveivable Decrease Credit 23-Jan libilities Account payable Decrease Debit Asset Cash Decrease Credit 28-Jan libilities Dividend Payable Decrease Debit Asset Cash Decrease Credit

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