Eos Co. is a travel agency. The nine transactions recorded by Eos during March 2008, its first
Question:
Eos Co. is a travel agency. The nine transactions recorded by Eos during March 2008, 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, drawing, revenue, or expense account was affected and
(b) Whether the account was increased (+) or decreased (–). Present your answers in the following form, with transaction (1) given as anexample:
Transcribed Image Text:
Cash Tosha Lewis, Drawing (8) 2,500 Equipment (1) 30,000(2) 1,800 (7) 10,000 (3) 9,000 (4) 3,050 (6) 7,500 (8) 2,500 (3) 24,000 Accounts Receivable Accounts Payable Service Revenue | 16,15000 (5) 15,000 7) 10,000 (6) 7,500 ต, 15,000 Supplies (2) 1,800 9) ,050 Tosha Lewls, Capital Operating Expenses (4) 3,050 (9) 1,050 (1) 30,000 Account Debited Type asset Account Credited Transaction Effect Type Effect owner's equity
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a and b Transaction Effect 1 2 3 4 5 6 7 8 9 Acc...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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