Your answer is partially correct. Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner. For each transaction, indicate the following. January 2 transaction is given as an example. (a) The basic type of account debited and credited (asset, liability, owner's equity). (b) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.). (c) Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Account Debited Transaction (a) Basic Type (b) Specific Account Jan. 2 Asset Cash 3 Asset Credit (c) Effect Increase Increase 9 Asset Owner's Capital Increase 11 Asset Asset Increase 16 Owner's Equity Liabilities Increase 20 Asset Revenue Increase 23 Liability Asset Increase 28 Owner's Equity Asset Increase eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner. For each transaction, indicate the following. January 2 transaction is given as an example. (a) The basic type of account debited and credited (asset, liability, owner's equity). (b) (c) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.). Whether the specific account is increased or decreased. (d) The normal balance of the specific account. (c) Effect (d) Normal Balance (a) Basic Type Increase Debit Owner's Equity Owner's Capital Increase Debit Owner's Equity Owner's Capital Increase Debit Asset Cash Increase Debit Liability Accounts Payable Increase Debit Asset Service Revenue Increase Debit Asset Cash Account Cre (b) Specific Account Debit Asset Accounts Receivable Increase Debit Asset Cash eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer Your answer is partially correct. Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner. For each transaction, indicate the following. January 2 transaction is given as an example. The basic type of account debited and credited (asset, liability, owner's equity). The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.). (a) (b) (c) (d) The normal balance of the specific account. Whether the specific account is increased or decreased. (a) Basic Type ner's Equity Account Credited (b) Specific Account Owner's Capital Owner's Equity Owner's Capital Asset Cash (c) Effect (d) Normal Balance Increase Credit Decrease Debit Increase < Credit jability Accounts Payable Increase Credit Service Revenue Decrease Debit Cash Decrease Debit sset Accounts Receivable Decrease Debit eTextbook and Media List of Accounts Save for Later Cash Decrease Debit Attempts: 1 of 5 used Submit