Identifying common accounts and normal account balances
Showtime Amusements Company owns movie theaters. Showtime engaged in the following business transactions in 2012:
| Sep 1 | Don Cougliato invested $370,000 personal cash in the business by depositing that amount in a bank account titled Showtime Amusements. The business gave capital to Cougliato. | |
| 2 | Paid $360,000 cash to purchase a theater building. | |
| 5 | Borrowed $260,000 from the bank. Cougliato signed a note payable to the bank in the name of Showtime. | |
| 10 | Purchased theater supplies on account, $1,400. | |
| 15 | Paid $1,200 on account. | |
| 15 | Paid property tax expense on theater building, $1,500. | |
| 16 | Paid employees” salaries $2,500, and rent on equipment $1,400.Make a single compound entry. | |
| 28 | Cougliato withdrew cash of $7,000. | |
| 30 | Received $21,000 cash from service revenue and deposited that amount in the bank | |
Requirements
1. Create the list of accounts that Showtime Amusements will use to record these transactions.
2. Identify the account type and normal balance of each account identified in Requirement 1.
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