Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.13EX
Identifying transactions
Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:
Indicate for each debit and each credit: (A) whether an asset, liability, stockholders’ equity, dividend, 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) | asset | + | Stockholders’ equity | + |
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Chapter 2 Solutions
Financial & Managerial Accounting
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