Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4 Selected transactions for D. Reyes, an interior decorator in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business.
4 Selected transactions for D. Reyes, 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 $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 Withdrew $1,000 cash for personal use of owner. 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 3 9 11 16 20 23 28
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started