answer of assignment chapter 2.docx - E2-1 Account Debited Transaction(a Basic Type(b Specific Account Jan 2 Asset 3(c Account Credited Effect(d Normal

answer of assignment chapter 2.docx - E2-1 Account Debited...

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E2-1 Account Debited Account Credited Transaction (a) Basic Type (b) Specific Account (c) Effect (d) Normal Balance (a) Basic Type (b) Specific Account (c) Effect (d) Normal Balance Jan. 2 Asset Cash Increase Debit Owner’s Equity Owner’s Capital Increase Credit 3 Asset Equipment Increase Debit Asset Cash Decrease Debit 9 Asset Supplies Increase Debit Liability Accounts Payable Increase Credit 11 Asset Accounts Receivable Increase Debit Owner’s Equity Service Revenue Increase Credit 16 Owner’s Equity Advertising Expense Increase Debit Asset Cash Decrease Debit 20 Asset Cash Increase Debit Asset Accounts Receivable Decrease Debit 23 Liability Accounts Payable Decrease Credit Asset Cash Decrease Debit 28 Owner’s Equity Owner’s Drawings Increase Debit Asset Cash Decrease Debit
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E2-2 General Journal Date Account Titles and Explanation Ref. Debits Credit Oct. 1 Cash .................................................... 15,000 Owner’s Capital ........................ 15,000 2 No entry. 3 Equipment .......................................... 1,900 Accounts Payable ..................... 1,900 6 Accounts Receivable ........................ 3,800 Service Revenue ....................... 3,800 27 Accounts Payable .............................. 1,100 Cash ........................................... 1,100 30
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