Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows:
| Jan. 2 | Invested $10,000 cash in the business |
| 3 | Purchased used car for $3,000 cash for use in business. |
| 9 | Purchased supplies on account for $500. |
| 11 | Billed customers $2,400 for services performed. |
| 16 | Paid $350 cash for advertising. |
| 20 | Received $700 cash from customers billed on January 11 |
| 23 | Paid creditor $300 cash on balance owed. |
| 28 | Withdrew $1,000 cash for personal use by owner. |
Instructions
For each transaction, indicate the following:
- The basic type of account debited and credited (asset, liability, owner's equity).
- The specific account debited and credited ( Cash, Rent Expense, Service Revenue, etc.)
- Whether the specific account is increased or decreased
- The normal balance of the specific account.
Use the following format, in which the January 2 transaction is given as an example.
Solution
