ment Exercise 2-3 Selected transactions for A. Mane, an Interlor decorator, in h

Question

ment Exercise 2-3 Selected transactions for A. Mane, an Interlor decorator, in her first month of business, are as follows Jan. 2 Invested $12,700 cash In business. 3 Purchased used car for $3,810 cash for use in business. 9 Purchased supplies on account for $635. 11 Billed customers $3,048 for services performed 16 Paid $445 cash for advertising. 20 Received $889 cash from customers billed on January 11. 23 Paid creditor $381 cash on balance owed. 28 Withdrew $1,270 cash for personal use by owner ournalize the transactions. (Credit account titles are automatically indented when amount is entered. presented in the problem. If no entry Is required, select "No Entry" for the account titles and enter Date Account Titles and Explanation Debit Credit 8

Explanation / Answer

Date Account Title and Explanation Debit Credit Jan. 2 Cash (asset, increase) 12700 Common Stock (Equity, increase) 12700 3 Car/Motor vehicle (asset, increase) 3810 Cash (asset, decrease) 3810 9 Supplies (asset, increase) 635 Accounts Payable (liability, increase) 635 11 Accounts Receivable (asset, increase) 3048 Service Fees (equity, increase) 3048 16 Advertising Expense (equity, decrease) 445 Cash (asset, decrease) 445 20 Cash (asset, increase) 889 Accounts Receivable (asset, decrease) 889 23 Accounts Payable (liability, decrease) 381 Cash (asset, decrease) 381 28 Drawings (equity, decrease) 1270 Cash (asset, decrease) 1270

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