Wk+2+Homework[1] - EXERCISE 2-1 Account Debited (a) Basic...

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EXERCISE 2-1 Account Debited Account Credited Date (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 Stockholders’ Equity Common Stock 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 Stockholders’ Equity Service Revenue Increase Credit 16 Stockholders’ 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 Stockholders’ Equity Dividends Increase Debit Asset Cash Decrease Debit
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PROBLEM 2-3A (a) Trans. Account Titles and Explanation Debit Credit 1. Cash 120,000 Common Stock 120,000 2. No entry—not a transaction. 3. Prepaid Rent 33,000 Rent Expense 3,000 Cash 36,000 4. 70,000 Cash 20,000 Accounts Payable 50,000 5. Prepaid Insurance 2,750 Insurance Expense 250 Cash 3,000 6. Office Supplies 1,000 Cash 1,000 7. Office Supplies 3,000 Accounts Payable 3,000 8. Cash 10,000 Accounts Receivable 20,000
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Wk+2+Homework[1] - EXERCISE 2-1 Account Debited (a) Basic...

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