southwest tours co is a travel agency the nine transactions recorded by southwest to 551197
EX 2-13 Identifying transactions
Southwest Tours Co. is a travel agency. The nine transactions recorded by Southwest Tours during May 2012, its first month of operations, are indicated in the following T accounts:
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|
Cash |
Equipment |
Mickey O’Dell, Drawing |
|||||||||
|
(1) |
40,000 |
(2) |
2,000 |
(3) |
18,000 |
(9) |
4,000 |
||||
|
(7) |
10,000 |
(3) |
3,600 |
||||||||
|
(4) |
2,700 |
||||||||||
|
(6) |
9,000 |
||||||||||
|
(9) |
4,000 |
||||||||||
|
Accounts Receivable |
Accounts Payable |
Service Revenue |
|||||||||
|
(5) |
18,500 |
(7) |
10,000 |
(6) |
9,000 |
(3) |
14,400 |
(5) |
18,500 |
||
|
Supplies |
Mickey O’Dell, Capital |
Operating Expenses |
|||||||||
|
(2) |
2,000 |
(8) |
1,050 |
(1) |
40,000 |
(4) |
2,700 |
||||
|
(8) |
1,050 |
||||||||||
Indicate for each debit and each credit: (a) whether an asset, liability, owner’s equity, drawing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (–). Present your answers in the following form, with transaction given as an example:
|
Account Debited |
Account Credited |
|||
|
Transaction |
Type |
Eff ect |
Type |
Eff ect |
|
(1) |
asset |
+ |
owner’s equity |
+ |
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