For each transaction, indicate: a. the basic type of account debited and credited (asset, liability,...
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Accounting
For each transaction, indicate: a. the basic type of account debited and credited (asset, liability, or owner's equity); b. the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc); and c. whether each account is increased (+) or decreased (-), and by what amount. Use the following format, in which the first transaction is given as an example. Mar. 5 Asset 7 9 11 13 25 26 29 30 31 Cash $ $ $ $ $10,660 Owner's Equity $ $ $ $ $ Current Attempt in Progress In the first month of business, Sheridan Interior Design Company had the following transactions: Mar. 5 The owner, Jackie Miller, invested $10,660 cash in the business. 7 Paid $455 cash for advertising the launch of the business. 9 Purchased supplies on account for $1,100. 11 Purchased a used car for $8,700 cash, for use in the business. 13 Billed customers $2,250 for services performed. 25 Borrowed $10,210 from the bank and signed a note payable. 26 Received $1,125 cash from customers billed on March 13. 29 Paid for the supplies purchased on March 9. 30 Received $845 cash from a customer for services to be performed in April. 31 Paid Jackie Miller $1,850 cash for her personal use
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