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
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
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.
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