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In: Accounting

Selected transactions for Allie Mane, an interior decorator, in her first montg of business, are as...

Selected transactions for Allie Mane, an interior decorator, in her first montg of business, are as follows

Jan. 2 invested $10,000 cash in business.
3 Purchased usee car for $3,000 cash for use in business.
4 purchases a one-year insurance policy for $1,200.
9 purchased supplies on account for $500.
18 paid creditor $300 cash on balance owed.
28 withdrew $1,000 casg for personal use by owner.

For each transaction, indicate the following. January 2 transactions is given as an example.

a. The equation element to be debited and credited( asset, liability, owner's equity).
b. The specific account to be debited and credited( Cash,Accounts Payable, Owner's Drawings, etc).
c. Whether the specific account is increased or decreased.
d. The normal balance of the specific account.

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Expert Solution

ekkarill92 answered 1 year ago
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