70.2K

Verified Solution

Link Copied!

Identifying Transactions Grand Canyon Tours Co. is a travel agency. The nine transactions recorded by Grand Canyon Tours during April 2014, its first month of operations, are indicated in the following T accounts: Indicate for each debit and each credit: whether an asset, liability, stockholders' equity, dividends, revenue, or expense account was affected and whether the account was increased or decreased. Account Debited Account Credited Transaction Type Effect Type Effect (1) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 1 SelectIncreasedDecreasedItem 2 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 3 SelectIncreasedDecreasedItem 4 (2) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 5 SelectIncreasedDecreasedItem 6 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 7 SelectIncreasedDecreasedItem 8 (3) SelectAssetLiabilityStockholders' equityDividendsRevenueItem 9 SelectIncreasedDecreasedItem 10 SelectAssetStockholders' equityDividendsRevenueItem 11 SelectIncreasedDecreasedItem 12 SelectLiabilityStockholders' equityDividendsRevenueItem 13 SelectIncreasedDecreasedItem 14 (4) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 15 SelectIncreasedDecreasedItem 16 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 17 SelectIncreasedDecreasedItem 18 (5) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 19 SelectIncreasedDecreasedItem 20 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 21 SelectIncreasedDecreasedItem 22 (6) SelectAssetLiabilityStockholders' equityDividendsRevenueItem 23 SelectIncreasedDecreasedItem 24 SelectAssetLiabilityStockholders' equityDividendsRevenueItem 25 SelectIncreasedDecreasedItem 26 (7) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 27 SelectIncreasedDecreasedItem 28 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 29 SelectIncreasedDecreasedItem 30 (8) SelectAssetLiabilityStockholders' equityRevenueExpenseItem 31 SelectIncreasedDecreasedItem 32 SelectAssetLiabilityStockholders' equityDividendsRevenueItem 33 SelectIncreasedDecreasedItem 34 (9) SelectAssetLiabilityStockholders' equityDividendsRevenueItem 35 SelectIncreasedDecreasedItem 36 SelectAssetLiabilityStockholders' equityRevenueExpenseItem 37 SelectIncreasedDecreasedItem 38

Answer & Explanation Solved by verified expert

See Answer