Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows.Jan. 2Invested $10,000 cash in business.3Purchased used car for $3,000 cash for use in business.Purchased supplies on account for $600.11Billed customers $2,400 for services performed.16Paid $350 cash for advertising.20Received $900 cash from customers billed on January 11.23Paid creditor $300 cash on balance owed.28Withdrew $1,000 cash for personal use by owner.For each transaction, indicate the following. January 2 transaction is given as an example.(a)The basic type of account debited and credited.(Ь)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. Account Debited(a)Basic Type(b)Specific AccountTransactionJan. 2AssetCash39.1116202328>>>>>

Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000 To Owner's…

Answered: For each transaction, indicate the…

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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Similar questions

Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
An “Accounts Receivable Customer Balances” report shows revenues by customer for a specified date range customer balances owed as of a specific date cash payments to creditors for a specific date range sales by customer as of a specific date
Post the transactions to t- account ( post entries in the order of information presented in the question cash, account receivable, equipment, account payable, common stock, service revenue, sales and wages expenses)
For each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?
Which of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)
Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…
The purchase of supplies on account is debited to supplies and credited to account receivable. Is this statement correct
Five account classifications are shown as column headings in the table below. For each accountclassification, indicate the manner in which increases and decreases are recorded (i.e., by debits orby credits).Owners’Revenue Expenses Assets Liabilities EquityIncreases recorded by:Decreases recorded by:
The journal entry to record the sale of services on credit should include: a debit to Cash and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Capital. a debit to Fees Income and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Fees Income.

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