Question: Current Attempt in Progress Selected transactions for Swifty, an interior decorator corporation, in its first month of business, are as follows. Issued stock to investors

Current Attempt in Progress
Selected transactions for Swifty, an interior decorator corporation, in its first month of business, are as follows.
Issued stock to investors for $15,800 in cash.
Purchased used car for $10,300 cash for use in business.
Purchased supplies on account for $320.
Billed customers $5,430 for services performed.
Paid $200 cash for advertising at the start of the business.
Received $1,870 cash from customers billed in transaction (4).
Paid creditor $190 cash on account.
Paid dividends of $300 cash to stockholders.
(a)
For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity): the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account.
And amounts credited.
 Current Attempt in Progress Selected transactions for Swifty, an interior decorator

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!