Identifying TransactionsEmerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:Cash(1)97,000(2)1,160(7)10,540(3)2,070 (4)8,120 (6)3,490 (9)3,200Accounts Receivable(5)15,910(7)10,540Supplies(2)1,160(8)850Equipment(3)10,350 Accounts Payable(6)3,490(3)8,280Mary Silva, Capital (1)97,000Mary Silva, Drawing(9)3,200 Fees Earned (5)15,910Operating Expenses(4)8,120 (8)850 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 (–). Account DebitedAccount CreditedTransactionTypeEffectTypeEffect(1) (2) (3) (4) (5) (6) (7) (8) (9)

Name: Identifying TransactionsEmerald Tours Co. is a travel agency. The nine
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Description: Identifying TransactionsEmerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:Cash(1)97,000(2)1,160(7)10,540(3)2,070 (4)8,120

Types and effects of Transactions: Source of Asset (SA) – An asset account increases and a…

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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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Identifying Transactions

Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:

Cash
(1)	97,000	(2)	1,160
(7)	10,540	(3)	2,070
		(4)	8,120
		(6)	3,490
		(9)	3,200

Accounts Receivable
(5)	15,910	(7)	10,540

Supplies
(2)	1,160	(8)	850

Equipment
(3)	10,350

Accounts Payable
(6)	3,490	(3)	8,280

Mary Silva, Capital
		(1)	97,000

Mary Silva, Drawing
(9)	3,200

Fees Earned
		(5)	15,910

Operating Expenses
(4)	8,120
(8)	850

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 (–).

	Account Debited	Account Credited
Transaction	Type	Effect	Type	Effect
(1)
(2)
(3)

(4)
(5)
(6)
(7)
(8)
(9)

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