Identifying transactions
Grand Canyon Tours Co. is a travel agency. The nine transactions recorded by Grand Canyon Tours during April 2014, its first month of operations, are indicated in the following T accounts:
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Cash
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Equipment
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Dividends
|
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(1)
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75,000
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(2)
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4,000
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(3)
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25,000
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(9)
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5,000
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(7)
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11,000
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(3)
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3,000
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(4)
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2,700
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(6)
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9,000
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(9)
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5,000
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Accounts Receivable
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Accounts Payable
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Service Revenue
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(5)
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19,500
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(7)
|
11,000
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(6)
|
9,000
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(3)
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22,000
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(5)
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19,500
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Supplies
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Capital Stock
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Operating Expenses
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(2)
|
4,000
|
(8)
|
2,000
|
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(1)
|
75,000
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(4)
|
2,700
|
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(8)
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2,000
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Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividends, 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:
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Account Debited
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Account Credited
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Transaction
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Type
|
Effect
|
Type
|
Effect
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|
(1)
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assets
|
+
|
Stockholder's equity
|
+
|