Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. Purchased used car for $3,000 cash for use in business. 9. Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner.
Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. Purchased used car for $3,000 cash for use in business. 9. Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Fill out what’s missing
Transcribed Image Text:Date
Account Titles and Explanation
Debit
Credit
Jan. 2 v
Cash
$10,000
Owner's Capital
$10,000
Jan. 3 v
Equipment
$3,000
Cash
$3,000
Jan. 9 v
$600
$600
Jan. 11 v
$2,400
Service Revenue
$2,400
Jan. 16 v||Advertising Expense
$350
Cash
$350
Jan. 20 v
Cash
$900
Accounts Receivable
$900
Jan. 23 v
Accounts Payable
$300
Cash
$300
Jan. 28 v
Owner's Drawings
$1,000
Cash
$1,000
Click if vou Heul
Transcribed Image Text:Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows.
Jan. 2
Invested $10,000 cash in business.
3
Purchased used car for $3,000 cash for use in business.
9
Purchased supplies on account for $600.
11
Billed customers $2,400 for services performed.
16
Paid $350 cash for advertising.
20
Received $900 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance owed.
28
Withdrew $1,000 cash for personal use by owner.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education