Question

Identifying transactions Wyoming Tours Co. is a travel agency. The nine transactions recorded by Wyoming Tours during June 2016, its first month of operations, are indicated in the following T accounts Lorene Jones, Drawing (9) Cash Equipment 14,500 (1) 40,000 (2) 2,500 (3) 3,000 (3 (7) 8,700 4,000 (4) (6) (9) 4,850 5,500 3,000 Accounts Receivable Accounts Payable 5,500 (3) Service Revenue (5) 13,800 (7) 8,700 (6) 10,500 (5) 13,800 Lorene Jones, Capital Supplies Operating Expenses 2.500 (8) 1,100 (2) (1) 40,000 (4) 4,850 (8) 1,100 Indicate for each debit and each credit (a) whether an asset, liability, owner's equity, drawing revenue, or expense account was affected and (b) whether the account was increasèd (+) or decreased () Present your answers in the following form, with transaction (1) given as an example Account Debited Account Credited Transaction Type Effect Type owner's equity Effect (1) asset feedback

Answer 1

Accounting effect

	Account Debited		Account credited
Transaction	Type	effect	Type	effect
1)	Asset	+	Owner's equity	+
2)	Assets	+	Assets	-
3)	Assets	+	Assets	-
			Liabilities	+
4)	Owner's equity	-	Assets	-
5)	Assets	+	Owner's equity	+
6)	Liabilities	-	Assets	-
7)	Assets	+	Assets	-
8)	Owner's equity	-	Assets	-
9)	Owner's equity	-	Assets	-