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Identifying Transactions National Park Tours Co. is a travel agency. The nine transactions recorded by National...

Identifying Transactions

National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts:

Cash
(1) 75,000 (2) 900
(7) 8,150 (3) 1,600
(4) 6,280
(6) 2,700
(9) 2,500


Accounts Receivable
(5) 12,300 (7) 8,150


Supplies
(2) 900 (8) 660


Equipment
(3) 8,000


Accounts Payable
(6) 2,700 (3) 6,400


Beth Worley, Capital
(1) 75,000


Beth Worley, Drawing
(9) 2,500


Fees Earned
(5) 12,300


Operating Expenses
(4) 6,280
(8) 660


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)
0 0
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Answer #1
Account Debited Account Credited
Transaction Type Effect Type Effect
1 Asset increased (+) 75000 owner's equity increased (+) 75000
2 Asset increased (+) 900 Asset decreased (–) 900
3 Asset increased (+) 8000 Asset decreased (–) 1600
Liability increased (+) 6400
4 expense increased (+) 6280 Asset decreased (–) 6280
5 Asset increased (+) 12300 Revenue increased (+) 12300
6 Liability decreased (–) 2700 Asset decreased (–) 2700
7 Asset increased (+) 8150 Asset decreased (–) 8150
8 expense increased (+) 660 Asset decreased (–) 660
9 Drawing increased (+) 2500 Asset decreased (–) 2500
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