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

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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 Car Increase Debit Asset Cash Decrease Jan. 9 Asset Supplies Increase Debit Liability Accounts Payable Increase Jan. 11 Asset Accounts Receivable Increase Debit Revenue Service Revenue Increase Jan. 16 Expense Advertising Increase Debit Asset Cash Decrease Jan. 20 Asset Cash Increase Debit Asset Accounts Receivable Decrease Jan. 23 Liability Accounts Payable Decrease Credit Asset Cash Decrease Jan. 28 Stockholders Equity Dividends Increase Debit Asset Cash Decrease 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.
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