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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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:

Transcribed Image Text: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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