Question

Southwest Tours Co. is a travel agency. The eight transactions recorded by Southwest Tours during February 2015, its first month of operations, are indicated in the following T accounts:
Indicate for each debit and each credit
(a) Whether an asset, liability, owner’s equity, withdrawal, 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 an example:


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  • CreatedSeptember 15, 2015
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