Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Cash 40,000 (2) 13,100 (3) Equipment 15,000 Dividends 1,500 (1) 4,000 (3) (9) (7) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Payable Service Revenue (5) Accounts Receivable (5) 20,500 (7) 13,100 (6) 6,000 (3) 10,000 20,500 Common Stock Operating Expenses Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) 6,175 (8) 2,200 Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transaction (1) given as an example: Account Credited Туре Account Debited Transaction Туре Effect Effect (1) asset stockholders' equity

Name: Identifying transactionsRocky Mountain Tours Co. is a travel agency. T
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Description: Identifying transactionsRocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash40,000 (2)13,100 (3)Equipment1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Identifying transactions
Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts:

Cash
40,000 (2)
13,100 (3)
Equipment
15,000
Dividends
1,500
(1)
4,000 (3)
(9)
(7)
5,000
(4)
6,175
(6)
6,000
(9)
1,500
Accounts Payable
Service Revenue
(5)
Accounts Receivable
(5)
20,500 (7)
13,100 (6)
6,000 (3)
10,000
20,500
Common Stock
Operating Expenses
Supplies
4,000 (8)
(2)
2,200
(1)
40,000 (4)
6,175
(8)
2,200
Indicate for each debit and each credit: (a) whether an asset, liability,
stockholders' equity, dividend, revenue, or expense account was affected
and (b) whether the account was increased (+) or decreased (-). Present
your answers in the following form, with transaction (1) given as an
example:
Account Credited
Туре
Account Debited
Transaction
Туре
Effect
Effect
(1)
asset
stockholders' equity

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Subject: acounting