All nine transactions for Homes Realty, Inc. for June, the first month of operations, are recorded in the following T accounts: Exhibit 2-1. Cash HR, Capital (1) 20,000 | (3) 7,500 | (1) 20,000 (7) 6,900 | (5) 2,600 | (9) 4,700 | (6) 5,500 | (8) 2,000 Accounts Receivable HR, Drawings (4) 4,900 | (9) 4,700 (8) 2,000 | | | Supplies Fees Earned (3) 7,500 | | (4) 4,900 | | (7) 6,900 Equipment Operating Expense (2) 4,500 | (6) 5,500 | | | Accounts Payable (5) 2,600 | (2) 4,500 | Refer to Exhibit 2-1. Indicate the following for each debit and each credit: (a) The type of account affected (asset, liability, Owner’s equity, drawings, revenue, or expense). (b) The effect on the account, using + for increase and - for decrease. Present your answers in the following form: Account Debited Accounted Credited Transaction Type Effect Type Effect Refer to Exhibit 2-1. Prepare a trial balance, listing the accounts in their proper order.
- All nine transactions for Homes Realty, Inc. for June, the first month of operations, are recorded in the following T accounts:
Exhibit 2-1.
Cash HR, Capital
(1) 20,000 | (3) 7,500 | (1) 20,000
(7) 6,900 | (5) 2,600 |
(9) 4,700 | (6) 5,500
| (8) 2,000
(4) 4,900 | (9) 4,700 (8) 2,000 |
| |
Supplies Fees Earned
(3) 7,500 | | (4) 4,900
| | (7) 6,900
Equipment Operating Expense
(2) 4,500 | (6) 5,500 |
| |
Accounts Payable
(5) 2,600 | (2) 4,500
|
Refer to Exhibit 2-1. Indicate the following for each debit and each credit:
|
(a) |
The type of account affected (asset, liability, Owner’s equity, drawings, revenue, or expense). |
|
(b) |
The effect on the account, using + for increase and - for decrease. |
Present your answers in the following form:
|
|
Account Debited |
Accounted Credited |
||
|
Transaction |
Type |
Effect |
Type |
Effect |
Refer to Exhibit 2-1. Prepare a
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