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Question 1: The following transactions are for Yasser construction services: On March 2, invested $10,000 cash in business. 3/3 purchased used car for $4,000
Question 1: The following transactions are for Yasser construction services: On March 2, invested $10,000 cash in business. 3/3 purchased used car for $4,000 cash for use in business. 3/9 purchased supplies on account for $500. 3/11 billed customers $2,100 for services performed. 3/16 paid $350 cash for advertising. 3/20 received $700 cash from customers billed on March 11. 3/23 paid creditor $300 cash on balance owed. 3/28 withdrew $1,000 cash for personal use by owner. Instructions: For each transaction, indicate the following. 1. The basic type of the accounts (asset, liability, or owner equity). 2. The specific account name (cash, rent expense, service revenue, etc.). 3. The effect of whether the specific account is increased or decreased. 4. The normal balance of the specific account. Use the following format: (first transaction is solved as an example) Debited Account Date Basic Specific Normal Basic Effect Credited Account Specific Normal Effect Type Account Balance Type Account Balance Owners' Owners' 3/2 Asset Cash Increase Debt Increase Credit Equity Capital 3/3 3/9
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