Identifying transactions
Grand Canyon Tours Co. is a travel agency. The nine transactions recorded by Grand Canyon Tours during April 2014, its first month of operations, are indicated in the following T accounts:
| Cash | Equipment | Dividends | ||||||||
| (1) | 75,000 | (2) | 4,000 | (3) | 25,000 | (9) | 5,000 | |||
| (7) | 11,000 | (3) | 3,000 | |||||||
| (4) | 2,700 | |||||||||
| (6) | 9,000 | |||||||||
| (9) | 5,000 | |||||||||
| Accounts Receivable | Accounts Payable | Service Revenue | ||||||||
| (5) | 19,500 | (7) | 11,000 | (6) | 9,000 | (3) | 22,000 | (5) | 19,500 | |
| Supplies | Capital Stock | Operating Expenses | ||||||||
| (2) | 4,000 | (8) | 2,000 | (1) | 75,000 | (4) | 2,700 | |||
| (8) | 2,000 | |||||||||
Indicate for each debit and each credit: (a) whether an asset, liability, stockholders’ equity, dividends, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (–). Present your answers in the following form, with transaction (1) given as an example:
| Account Debited | Account Credited | |||
| Transaction | Type | Effect | Type | Effect |
| (1) | assets | + | Stockholder’s equity | + |
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