Question

EX 2-13. Identifying transactions Obj. 1, 2 Napa Tours Co. is a travel agency. The nine transactions record- ed by Napa Tours during April 2018, its first month of operations, are indicat ed in the following T accounts: SHOW ME HOW Indicate for each debit and each credit: (A) whether an asset, liability, stockholders' equity, dividend, rev- enue, or expense account was affected and (B) whether the account was in- creased ( or decreased (-). Present your answers in the following form, with transaction () given as an example: Transac- Type Effect tion asset Less than a minute-48 pages left

T accounts:

Answer format:

Answer 1

	Account Debited		Account Credited
Transaction	Type	Effect	Type	Effect
(1)	Asset	+	Stockholders' equity	+
(2)	Asset	+	Asset	-
(3)	Asset	+	Asset	-
			Liability	+
(4)	Expense	+	Asset	-
(5)	Asset	+	Revenue	+
(6)	Liability	-	Asset	-
(7)	Asset	+	Asset	-
(8)	Expense	+	Asset	-
(9)	Dividend	+	Asset	-

Debit to asset, expense, and dividend, increases the balance and vice versa while credit to liability, stockholders' equity, and revenue increases the balance and vice versa.