Identifying TransactionsNapa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:Cash(1)50,000 (2)3,400(7)8,700 (3)5,000 (4)4,850 (6)2,500 (9)1,000 Equipment(3)15,000 Dividends(9)1,000 Accounts Receivable(5)18,200 (7)8,700 Accounts Payable(6)2,500 (3)10,000 Service Revenue (5)18,200 Supplies(2)3,400 (8)1,100 Common Stock (1)50,000 Operating Expenses(4)4,850 (8)1,100 Indicate for each debit and each credit: whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and whether the account was increased or decreased. Account DebitedAccount CreditedTransactionTypeEffectTypeEffect(1) (2) (3) (4) (5) (6) (7) (8) (9)

Name: Identifying TransactionsNapa Tours Co. is a travel agency. The nine tr
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Description: Identifying TransactionsNapa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:Cash(1)50,000 (2)3,400(7)8,700 (3)5,000 (4)4,850 (6)

Accounting Equation of the business says that total assets should always be equal to total…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Identifying Transactions

Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:

Cash
(1)	50,000	(2)	3,400
(7)	8,700	(3)	5,000
		(4)	4,850
		(6)	2,500
		(9)	1,000

Equipment
(3)	15,000

Dividends
(9)	1,000

Accounts Receivable
(5)	18,200	(7)	8,700

Accounts Payable
(6)	2,500	(3)	10,000

Service Revenue
		(5)	18,200

Supplies
(2)	3,400	(8)	1,100

Common Stock
		(1)	50,000

Operating Expenses
(4)	4,850
(8)	1,100

Indicate for each debit and each credit: whether an asset, liability, stockholders' equity, dividend, revenue, or expense account was affected and whether the account was increased or decreased.

	Account Debited	Account Credited
Transaction	Type	Effect	Type	Effect
(1)
(2)
(3)

(4)
(5)
(6)
(7)
(8)
(9)

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