Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. selected transactions for d. reyes, inc., an inter

Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of...

50.1K

Verified Solution

Question

Accounting

Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $700 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Declared and paid a $1,000 cash dividend. Instructions For each transaction indicate the following. (a) The basic type of account debited and credited (asset, liability, owner's equity). (b) The specific account debited and credited (cash, rent expense, service revenue, etc.). (c) Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Account Debited Account Credited (a) (b) (c) (d) (a) (b) (c) (d) Date Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance Jan. 2 Asset Cash Increase Debit Stockholder's Equity Common Stock Increase Credit 3 9 11 16 20 23 28

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A gene codes for a proinsulin protein, which is then cleaved into insulin. This is an...

Medical Sciences
Q

QUESTION 4 Match the repair response to its proper mechanism SOS Response Excision Repair Photo...

Biology
Q

A queen bee polices the nest of her colony killing all eggs laid by workers...

Biology
Q

A parallel combination of following cells is connected to an external load If all the...

Physics
Q

Which angles are consecutive interior angles E B A C H G D F ZGFC...

Geometry
Q

7 8 in 8 Find w and x 13 m 48 W 6 m

Geometry
Q

3 2022 Kuta Software LLC All rights Subtrating Rational Expressions Simplify each expression 1 2...

Algebra
Q

One of the most pressing problems confronting the world is global warming. To effectively address...

Accounting
Q

S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2016,...

Accounting
Q

Debate the following proposition. All Corporate formation transaction should be taxable events. PLEASE DO NOT...

Accounting
Q

An insurance broker calls you and despite your finance professor's warnings, you listen to their...

Finance
Q

It is important to analyze significantly unequal project lives using either the equivalent annuity approach...

Finance