E2-1 - E2-1 H Burns Inc Account Debited Account Credited...

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E2-1 H. Burns, Inc. Account Debited Account Credited Date Basic Type Specific Amount Effect Normal Balance Basic Type Specific Amount Effect Jan. 2 Asset Cash Increase Debit Stockholders Equity Common Stock Increase Jan. 3 Asset Cash Increase Debit Stockholders Equity Common Stock Decreased Jan. 9 Asset Accounts Payable Increased Debit Liability Used car decreased Jan. 11 Asset Accounts Receivable Increase Debit Stockholders Equity Billed Customers decreased Jan. 16 Liability cash Increase Debit Asset Advertisement decreased Jan. 20 Liability Cash decreased Debit Asset Cash Billed Increased Jan. 23 Asset cash Increased Credit Liability Paid Creditor Decreased Jan. 28 Asset cash Increased Debit Stockholders Equity Paid Dividend Decreased Jan. 2 Invested $15,000 cash in business in exchange for common stock. 3 Purchased used car for $4000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed.
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