-------------------------------------------

E2-4 Identify accounts and determine debits and credits. (LO 1) C In the first month of business, Jakmak Interior Design Company had the following transactions: Mar. 5 The owner, Jackie Mackenzie, invested $10,220 cash in the business. 7 Paid $350 cash for advertising the launch of the business. 9 Purchased supplies on account for $1,050. 11 Purchased a used car for $8,770 cash, for use in the business. 13 Billed customers $1,520 for services performed. 25 Borrowed $10,880 from the bank and signed a note payable. 26 Received $1, 140 cash from customers billed on March 13. 29 Paid for the supplies purchased on March 9. 30 Received $800 cash from a customer for services to be performed in April. 31 Paid Jackie Mackenzie $1,720 cash for her personal use. Instructions For each transaction, indicate: (a) the basic type of account debited and credited (asset, liability, or owner's equity); (b) the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); and (c) whether each account is increased (+) or decreased (-), and by what amount. Use the following format to complete the exercise; the first one has been done for you as an example: Account Debited Account Credited (a) (b) (c) (a) (b) (c) Date Basic Type Specific Account Effect Basic Type Specific Account Effect Mar. 5 Asset Cash +$10,220 Owner's Equity J. Mackenzie, Capital +$10,220 E2-5 Record transactions. (LO 2) AP Using the data in E2-4 for Jakmak Interior Design Company, journalize the transactions