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Selected transactions for Acosta Decor, an interior design company, in its first month of business are as follows. Jan. 2 Marie Acosta invested 10,000 cash
Selected transactions for Acosta Decor, an interior design company, in its first month of business are as follows. Jan. 2 Marie Acosta invested 10,000 cash in business in exchange for ordinary shares. 3 Purchased used car for 3,000 cash for use in business. 9 Purchased supplies on account for 600. 11 Billed customers 2,400 for services performed. 16 Paid 350 cash for advertising. 20 Received 900 cash from customers billed on January 11. 23 Paid creditor 300 cash on balance owed. 22 28 Declared and paid a 1,000 cash dividend. For each transaction, indicate the following. January 2 transaction is given as an example. a. The basic type of account debited and credited. (asset, liability, 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
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