&Practce; Assignment Gradebook ORION Doweloadable eTextbook Your answer is parti

Question

&Practce; Assignment Gradebook ORION Doweloadable eTextbook Your answer is partially correct. Try again. Selected transactions for L. Takemoto, an interior decorating firm, in its Eirst monith of business, are as folows Jan. 2 Stockholders Iinwested $15,000 cash in the business in exchange for common stock er 2 3 Purchased used car for $8,200 cash for une in the business 9 Purchased supplies on account for $500. 11 Blled customers $1,000 for services performed 16 Paid $200 cash for advertising 20 Recelved $780 cash from customers billed on January 11. 23 Paid credtor $300 cash on balance owed 28 Dedlared and paid 5500 cash dividend For each transaction indicate the following (a) The basic type of account debited and credited (Asset, Liability Stockholders Equity). b) The specific account debited and credited (Cash, Rent Expense, Service Revene, etc.) (e) Whether the specific account is increased or decreased (d) The normal balance of the specific account (c) Normal Effect Balance Basic Type Specific Specific Account Transaction Basc Type Ask me anything

Explanation / Answer

Account Debited Account credited (a) (b) (c ) (d) (a) (b) (c ) (d) Transaction Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance Jan 2. Asset Cash Increase Debit Stockholders Equity Common stock Increase Credit Jan-03 Asset Equipment Increase Debit Asset Cash Decrease Debit Jan-09 Asset Supplies Increase Debit Liabilities Accounts payable Increase Credit Jan-11 Asset Account Receivables Increase Debit Stockholders Equity Revenue Increase Credit Jan-16 Stockholders Equity Expenses Increase Debit Asset Cash Decrease Debit Jan-20 Asset Cash Increase Debit Asset Accounts receivable Decrease Debit Jan-23 Liabilities Accounts payable Decrease Credit Asset Cash Decrease Debit Jan-28 Stockholders Equity Common stock Decrease Debit Asset Cash Decrease Debit

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