Excrcisc 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of...
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Excrcisc 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $500 11 Bill ed customers $2,400 for services performed. 16 Paid $350 cash for advertising 20 Received $700 cash from customers billed on 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. January 2 transaction is given as an example. (a) The basic type of account debited and credited. (b) The specific account debited and credited (Cash, Rent Expense, Service Revenue, ete.). (c) Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Transaction Basic Type Specific Account Effect Specific Account Normal Balance c Type Debit Effect Normal Balance Credit Jan. 2 Asset Cash Owner's Equity Owner's Capital 16 20 23 28
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