Fleming's Logistics Consulting has the following trans
Question and Solution
Fleming's Logistics Consulting has the following transactions during August. Aug. 1 Received $16,750 cash from the com
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Fleming's Logistics Consulting has the following transactions during August. Aug. 1 Received $16,750 cash from the company's owner, Barbara Fleming. 4 Paid rent in advance for three months, $3,900. 5 Purchased $645 of office supplies on account. 6 Received $950 from clients for services provided. 17 Billed clients $1,500 for services provided. 27 Paid secretary $875 salary. 29 Paid the company's owner, Barbara Fleming, $700 cash for personal use. For each transaction, indicate (a) The basic type of account to be debited and credited (asset, liability, owner's equity); (b) The specific accounts to debit and credit (for example, Cash, Service Revenue, Accounts Payable); and (c) Whether each account is increased (1) or decreased (2), and by what amount. Use the following format, in which the first one has been done for you as an example:
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