Selected transactions for Marigold, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $13,000 in cash. 2. Purchased used car for $10,600 cash for use in business. 3. Purchased supplies on account for $350. 4. Billed customers $3,850 for services performed. 5. Paid $110 cash for advertising at the start of the business. 6. Received $1,430 cash from customers billed in transaction (4). 7. Paid creditor $410 cash on account. 8. Paid dividends of $370 cash to stockholders.
Selected transactions for Marigold, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $13,000 in cash. 2. Purchased used car for $10,600 cash for use in business. 3. Purchased supplies on account for $350. 4. Billed customers $3,850 for services performed. 5. Paid $110 cash for advertising at the start of the business. 6. Received $1,430 cash from customers billed in transaction (4). 7. Paid creditor $410 cash on account. 8. Paid dividends of $370 cash to stockholders.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please see below. One picture contains the info for the question and the other is the answer I got. I need to verify my answer. Need asap please. One side is account debited and the other is account credited.
![Account debited. Account credited
basic type
specific
effect
normal
Basic type
specific
effect
normal
no.
Account
balance
account
balance
1.
Assets
Cash
Increase
debit
Stockholders
Common
increase
credit
Equity
Stock
Assets
Car
Increase
debit
Assets
cash
decrease
debit
Assets
supplies
Increase
debit
liabilities
accounts
increase
crédit
3.
payable
Accounts
Increase
debit
Stockholders Service
increase
Credit
4.
Assets
receivable
Equity
revenue
debit
assets
cash
decrease
debit
Prepaid
advertisement
Assets
Increase
Increase
debit
assets
Account
decrease
debit
6.
Assets
cash
receivable
cash
decreased debit
7.
Liabilities
accounts
Decrease
credit
assets
payable
cash
decrease
debit
assets
Stockholder's Dividend
equity
Decrease
credit
2.
5.
8.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b9de62c-1f0d-40f8-b1f0-6289f4ae51c1%2Ff0a6d2d8-059d-4e50-9219-647b84e381cc%2Fr9xwb3g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Account debited. Account credited
basic type
specific
effect
normal
Basic type
specific
effect
normal
no.
Account
balance
account
balance
1.
Assets
Cash
Increase
debit
Stockholders
Common
increase
credit
Equity
Stock
Assets
Car
Increase
debit
Assets
cash
decrease
debit
Assets
supplies
Increase
debit
liabilities
accounts
increase
crédit
3.
payable
Accounts
Increase
debit
Stockholders Service
increase
Credit
4.
Assets
receivable
Equity
revenue
debit
assets
cash
decrease
debit
Prepaid
advertisement
Assets
Increase
Increase
debit
assets
Account
decrease
debit
6.
Assets
cash
receivable
cash
decreased debit
7.
Liabilities
accounts
Decrease
credit
assets
payable
cash
decrease
debit
assets
Stockholder's Dividend
equity
Decrease
credit
2.
5.
8.
![Selected transactions for Marigold, an interior decorator corporation, in its first month of business, are as follows.
1.
Issued stock to investors for $13,000 in cash.
2.
Purchased used car for $10,600 cash for use in business.
3.
Purchased supplies on account for $350.
4.
Billed customers $3,850 for services performed.
5.
Paid $110 cash for advertising at the start of the business.
6.
Received $1.430 cash from customers billed in transaction (4).
7.
Paid creditor $410 cash on account.
8.
Paid dividends of $370 cash to stockholders.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b9de62c-1f0d-40f8-b1f0-6289f4ae51c1%2Ff0a6d2d8-059d-4e50-9219-647b84e381cc%2F2n4tvk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Selected transactions for Marigold, an interior decorator corporation, in its first month of business, are as follows.
1.
Issued stock to investors for $13,000 in cash.
2.
Purchased used car for $10,600 cash for use in business.
3.
Purchased supplies on account for $350.
4.
Billed customers $3,850 for services performed.
5.
Paid $110 cash for advertising at the start of the business.
6.
Received $1.430 cash from customers billed in transaction (4).
7.
Paid creditor $410 cash on account.
8.
Paid dividends of $370 cash to stockholders.
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