E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of
business, are as follows.
Jan. 2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Declared and paid a $1,000 cash dividend.
Instructions
For each transaction indicate the following.
(a) The basic type of account debited and credited (asset, liability, stockholders’ 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
E2-3 Data for D. Reyes, Inc., interior decorating, are presented in E2-2.
Instructions
Journalize the transactions using journal page J1. (You may omit explanations.)
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Paid creditor $300 cash on balance owed.
Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of
business, are as follows.
Jan. 2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Declared and paid a $1,000 cash dividend.
Instructions
For each transaction indicate the following.
(a) The basic type of account debited and credited (asset, liability, stockholders’ 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.
Use the following format, in which the January 2 transaction is given as an example.
Account Debited Account Credited
(a) (b) (c) (d) (a) (b) (c) (d)
Date Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance
Jan. 2 Asset Cash Increase Debit Stockholder’s Equity Common Stock Increase Credit
you are required to enter up the following tr
I want to know if I am on the right track to completing this assignment,accounting is very hard for me to understand.This is textbook assignment chapter 5 p26a.journalizing transactions supplier/retail business.(principles of accounting by meg pollard)the course name is ACC 111
Thanks,
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