Not a member of Pastebin yet?
Sign Up,
it unlocks many cool features!
- Download: http://solutionzip.com/downloads/d-reyes-inc-solution/
- 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, stockholdersβ 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.
- Download: http://solutionzip.com/downloads/d-reyes-inc-solution/
Add Comment
Please, Sign In to add comment