Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in the first month of business, jakmak interior de

In the first month of business, Jakmak Interior Design Company had the following transactions: Mar....

70.2K

Verified Solution

Question

Accounting

image
In the first month of business, Jakmak Interior Design Company had the following transactions: Mar. 5 7 9 11 13 The owner, Jackie MacKenzie, invested $10,290 cash in the business. Paid $595 cash for advertising the launch of the business. Purchased supplies on account for $1,070. Purchased a used car for $8,580 cash, for use in the business. Billed customers $2,220 for services performed. Borrowed $10,070 from the bank and signed a note payable. Received $1,120 cash from customers billed on March 13. Paid for the supplies purchased on March 9. Received $625 cash from a customer for services to be performed in April. Paid Jackie MacKenzie $1,020 cash for her personal use. 25 26 29 30 31 For each transaction, indicate: (a) (b) (c) the basic type of account debited and credited (asset, liability, or owner's equity); the specific account debited and credited (Cash, Rent Expense. Service Revenue, etc.); and whether each account is increased (+) or decreased (-), and by what amount

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Briefly define the measures R, Q, and s. What are the advantages of using the standard...

Chemistry
1.2K views

Use both the van der Waals and the Redlich-Kwong equations to calculate the molar volume of...

Mechanical Engineering
1.2K views

Discuss what is advantages and disadvantages of rebot teaching in Localy ,globaly and regional y?

General Management
1.2K views

Mia's Muffin Final Case The presentation should include a Recruitment and Selection system for Mia’s Muffins, with...

Physics
1.2K views

Two point charges 91 and 92 are placed along x axis at some separation one...

Physics
1.2K views

A gaseous mixture contains equal number of hydrogen and nitrogen molecules Specific heat measurements on...

Accounting
1.2K views

The Kansas Corporation manufactures filing cabinets in two operations: machining and finishing. It provides the...

Accounting
1.2K views

Adjusting Allowance for Doubtful Accounts and Bad Debts Expense Merck & Company reported the following...

Accounting
1.2K views

Can you guide me through on how to calculate the direct materials mix variance? ...

Accounting
1.2K views

12.2 L01/2 PDH Ltd uses a predetermined overhead rate in applying overheads to product costs,...

Accounting
1.2K views

Ms. Faye, CPA, is a private practitioner, with office at Makati City. She renders tax...

Accounting
1.2K views

You are an audit junior on the team assigned to the year-end audit of Sylvester...