Account Credited(d)(다)Effect(a)(b)Specific AccountNormalBasic TypeBalanceOwner's EquityOwner's CapitalIncreaseCredit>>>>>>>>>>>>>> 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.

Each transaction in business effect two or more account as debit one account and credit other.

Answered: Selected transactions for M. Acosta, an…

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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