Question

jan Inve$10,000 chines Purchased used car for $3,000 cash for wines Purchased apples for 1000 11 Bemers 2.400 cm performed 16 Podcash for deg 20 Rewived cash from customers bied on January 23 Picahan balance wed 28 wthrew $1,000 for really w For each transaction indicate the following January 2 transactions en as (a) The base type of account debited credited () The bed and crash, ent per service, c) whether the species increased or decreased (4) The normal balance of the specific account AB bied Ard (a) Type [a] fe Trance effet Spec mama alan < 18 16

Answer 1

Transaction	Accounts debited		Accounts credited
Basic type	Specific account	Effect	Normal balance		Basic type	Specific account	Effect	Normal balance
Jan 2	Asset	Cash	Increase	Debit		Owner's equity	Owner's capital	Increase	Credit
Jan 3	Asset	Equipment (vehicle)	Increase	Debit		Asset	Cash	Decrease	Debit
Jan 9	Asset	Supplies	Increase	Debit		Liability	Accounts payable	Increase	Credit
Jan 11	Asset	Accounts receivable	Increase	Debit		Owner's equity (revenue)	Service revenue	Increase	Credit
Jan 16	Owner's equity (expense)	Advertising expense	Increase	Debit		Asset	Cash	Decrease	Debit
Jan 20	Asset	Cash	Increase	Debit		Asset	Accounts receivable	Decrease	Debit
Jan 23	Liability	Accounts payable	Decrease	Credit		Asset	Cash	Decrease	Debit
Jan 28	Owner's equity	Owner's withdrawal	Increase	Debit		Asset	Cash	Decrease	Debit