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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Southwest Tours Co

EX 2-13 Identifying transactions

Southwest Tours Co. is a travel agency. The nine transactions recorded by Southwest Tours during May 2012, its first month of operations, are indicated in the following T accounts:

 

Cash

    

Equipment

  

Mickey O’Dell, Drawing

(1)

40,000

(2)

2,000

(3)

18,000

    

(9)

4,000

    

(7)

10,000

(3)

3,600

                
   

(4)

2,700

                
   

(6)

9,000

                
   

(9)

4,000

                
                       

Accounts Receivable

  

Accounts Payable

  

Service Revenue

(5)

18,500

(7)

10,000

(6)

9,000

(3)

14,400

    

(5)

18,500
                       
 

Supplies

    

Mickey O’Dell, Capital

Operating Expenses

(2)

2,000

(8)

1,050

    

(1)

40,000

(4)

2,700

    
               

(8)

1,050

    

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 given as an example:

 

Account Debited

Account Credited

Transaction

Type

Eff ect

Type

Eff ect

(1)

asset

+

owner’s equity

+

 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 8.00

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