Question

Grand Canyon Tours Co. is a travel agency. The nine transactions recorded by Grand Canyon Tours during April 2014, its first month of operations, are indicated in the following T accounts:


Indicate for each debit and each credit:
(a) Whether an asset, liability, stockholders’ equity, dividends, revenue, or expense account was affected
(b) Whether the account was increased (+) or decreased (–). Present your answers in the following form, with transaction (1) given as anexample:



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  • CreatedFebruary 28, 2014
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