a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (d) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. Debit Side of Journal Entry Account Type Account Name a Cash b. Accounts receivable Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Type Account Name Contributed capital Accounts receivable SE A Direction of Change No Bal Credit: Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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a. Issued shares to investors for $67,000 cash.
b. Billed customers $13,900 for services performed in January.
c. Purchased car for $33,000 for use in the business; paid in cash.
d. Purkhased $4,100 of supplies on account.
e. Received $9,200 cash from customers billed in transaction (b).
f. Used $2,350 in utilities, which will be paid in February.
g. Paid employees $6,900 cash for work done in January.
h. Paid $2,050 cash toward supplies purchased in transaction (d).
Required:
For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (c) whether
the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit
balance. Transaction (a) has been given as an example.
a. Cash
b. Accounts receivable
C.
d.
f.
9
h.
Debit Side of Journal Entry
Account
Type
Account Name
A
Direction of
Change
Normal
Balance
Debit
Debit
Credit Side of Journal Entry
Account Name
Contributed capital
Accounts receivable
Account Direction of
Type Change
SE
A
Normal
Balance
Credit
Credit
Transcribed Image Text:a. Issued shares to investors for $67,000 cash. b. Billed customers $13,900 for services performed in January. c. Purchased car for $33,000 for use in the business; paid in cash. d. Purkhased $4,100 of supplies on account. e. Received $9,200 cash from customers billed in transaction (b). f. Used $2,350 in utilities, which will be paid in February. g. Paid employees $6,900 cash for work done in January. h. Paid $2,050 cash toward supplies purchased in transaction (d). Required: For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E). (c) whether the account is increased (+) or decreased (-) due to the transaction, and (d) whether the account normally holds a debit or credit balance. Transaction (a) has been given as an example. a. Cash b. Accounts receivable C. d. f. 9 h. Debit Side of Journal Entry Account Type Account Name A Direction of Change Normal Balance Debit Debit Credit Side of Journal Entry Account Name Contributed capital Accounts receivable Account Direction of Type Change SE A Normal Balance Credit Credit
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