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:
| 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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