Question 1: The following transactions are for Yasser construction services: 1 of. 2on March 2, invested...

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Question 1: The following transactions are for Yasser construction services: 1 of. 2on March 2, invested S10,000 cash in business. 3/3 purchased used car for S4,000 cash for use in business. 3/9 purchased supplies on account for $500. 3/11 billed customers $2,100 for services performed. 3/16 paid S350 cash for advertising. 3/20 received $700 cash from customers billed on March 11. 3/23 paid creditor S300 cash on balance owed. 3/28 withdrew S1,000 cash for personal use by owner. Instructions: For each transaction, indicate the following. 1. The basic type of the accounts (asset, liability, or owner equity). 2. The specific account name (cash, rent expense, service revenue, etc.). 3. The effect of whether the specific account is increased or decreased. 4. The normal balance of the specific account. Use the following format: (first transaction is solved as an example) Debited Account Specifie Credited Account Specifie Normal Date Basic Normal Basie Effect Effect Туре Balance Туре Owners' Account Account Balance Owners' 3/2 Asset Cash Increase Debt Increase Credit Equity Capital 3/3 3/9 Question 1: The following transactions are for Yasser construction services: 1 of. 2on March 2, invested S10,000 cash in business. 3/3 purchased used car for S4,000 cash for use in business. 3/9 purchased supplies on account for $500. 3/11 billed customers $2,100 for services performed. 3/16 paid S350 cash for advertising. 3/20 received $700 cash from customers billed on March 11. 3/23 paid creditor S300 cash on balance owed. 3/28 withdrew S1,000 cash for personal use by owner. Instructions: For each transaction, indicate the following. 1. The basic type of the accounts (asset, liability, or owner equity). 2. The specific account name (cash, rent expense, service revenue, etc.). 3. The effect of whether the specific account is increased or decreased. 4. The normal balance of the specific account. Use the following format: (first transaction is solved as an example) Debited Account Specifie Credited Account Specifie Normal Date Basic Normal Basie Effect Effect Туре Balance Туре Owners' Account Account Balance Owners' 3/2 Asset Cash Increase Debt Increase Credit Equity Capital 3/3 3/9

Answer rating: 100% (QA)

Answer Explanation Debited Account Credited Account Basic Specific Normal ... View the full answer