E2.2 (LO 1), C Selected transactions for M. Acosta, an interior decorator, in her first...
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Accounting
E2.2 (LO 1), C Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows.
Jan.2Invested $10,000 cash in business. 3Purchased used car for $3,000 cash for use in business. 9Purchased supplies on account for $600. 11Billed customers $2,400 for services performed. 16Paid $350 cash for advertising. 20Received $900 cash from customers billed on January 11. 23Paid creditor $300 cash on balance owed. 28Withdrew $1,000 cash for personal use by owner. Instructions
For each transaction, indicate the following.
The basic type of account debited and credited (asset, liability, owners 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. Use the following format, in which the January 2 transaction is given as an example.
Account DebitedAccount Credited Date(a) Basic Type(b) Specific Account(c) Effect(d) Normal Balance(a) Basic Type(b) Specific Account(c) Effect(d) Normal Balance Jan. 2AssetCashIncreaseDebitOwners EquityOwners CapitalIncreaseCredit Journalize transactions.
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