Week 2 Homework Help

Week 2 Homework Help - E2-1 H. Burns, Inc. Account Debited...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: E2-1 H. Burns, Inc. Account Debited Date Basic Type Jan. 2 Jan. 3 Jan. 9 Jan. 11 Jan. 16 Jan. 20 Jan. 23 Jan. 28 Asset Asset Asset Asset Expense Asset Liability Stockholders Equity Jan. 2 3 9 11 16 20 23 28 Specific Amount Account Credited Effect Cash Increase Car Increase Supplies Increase Accounts Receivable Increase Advertising Increase Cash Increase Accounts Payable Decrease Dividends Increase Normal Balance Basic Type Specific Amount Effect Debit Debit Debit Debit Debit Debit Credit Debit Stockholders Equity Asset Liability Revenue Asset Asset Asset Asset Common Stock Cash Accounts Payable Service Revenue Cash Accounts Receivable Cash Cash Increase Decrease Increase Increase Decrease Decrease Decrease Decrease Invested $15,000 cash in business in exchange for common stock. Purchased used car for $4000 cash for use in business. Purchased supplies on account for $500. Billed customers $1,800 for services performed. Paid $200 cash for advertising. Received $700 cash from customers billed on January 11. Paid creditor $300 cash on balance owed. Declared and paid a $1,000 cash dividend. Instructions For each transaction indicate the following: (A) The basic type of account debited and credited (asset, liablilty, stockholders equity). (B) The specific amount debited and credited (cash, rent, expense, service revenue, etc.). (C) Whether the specific amount is increased or decreased. (D) The normal balance of specific account. Normal Balance Credit Debit Credit Credit Debit Debit Debit Debit ...
View Full Document

Page1 / 2

Week 2 Homework Help - E2-1 H. Burns, Inc. Account Debited...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online