National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Beth Worley, Drawing Cash Equipment 900 (3) (1) (2) (9) 75,000 8,000 2,500 (7) (3) 8,150 1,600 (4) 6,280 (6) 2,700 (9) 2,500 Accounts Payable Accounts Receivable Fees Earned 12,300 (5) (7) 8,150 (6) 2,700 (3) 6,400 (5) 12,300 Operating Expenses Beth Worley, Capital Supplies (2) (8) (1) 75,000 (4) 900 660 6,280 (8) 660 (Continued) Indicate for each debit and each credit (a) whether an asset, liability, owner's equity drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transac- tion (1) given as an example: Account Debited Account Credited Transaction Туре Effect Туре owner's equity Effect (1) asset +
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Beth Worley, Drawing Cash Equipment 900 (3) (1) (2) (9) 75,000 8,000 2,500 (7) (3) 8,150 1,600 (4) 6,280 (6) 2,700 (9) 2,500 Accounts Payable Accounts Receivable Fees Earned 12,300 (5) (7) 8,150 (6) 2,700 (3) 6,400 (5) 12,300 Operating Expenses Beth Worley, Capital Supplies (2) (8) (1) 75,000 (4) 900 660 6,280 (8) 660 (Continued) Indicate for each debit and each credit (a) whether an asset, liability, owner's equity drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (-). Present your answers in the following form, with transac- tion (1) given as an example: Account Debited Account Credited Transaction Туре Effect Туре owner's equity Effect (1) asset +
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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