In the first month of business, Jamal Interior Design
Question and Solution
In the first month of business, Jamal Interior Design Company had the following transactions: Mar. 3 The owner, Jackie
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In the first month of business, Jamal Interior Design Company had the following transactions: Mar. 3 The owner, Jackie Mackenzie, invested $10,000 cash in the business. 4 Borrowed $10,000 from the bank and signed a note payable. 6 Purchased a used car for $9,500 cash, for use in the business. 7 Purchased supplies on account for $1,500. 12 Billed customers $2,100 for services performed. 21 Paid $525 cash for advertising the launch of the business. 25 Received $1,200 cash from customers billed on March 12. 28 Paid for the supplies purchased on March 7. 30 Received $750 cash from a customer for services to be performed in April. 31 Paid Jackie Mackenzie $1,400 cash for her personal use. Instructions For each transaction, indicate: (a) The basic type of account debited and credited (asset, liability, owner's equity) (b) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.) (c) Whether each account is increased (1) or decreased (2), and by what amount. Use the following format, in which the first transaction is given as an example:
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