Answer:
Answer:
Date Type Specific Account Effect Normal Balance
Jan 2 Asset Cash Increase Debit
Equity Common Stock Increase Credit
Jan 3 Asset Motor Car Increase Debit
Asset Cash Decrease Debit
Jan 9 Asset Supplies Increase Debit
Liability Trade Payable Increase Credit
Jan 11 Equity Service Revenue Increase Credit
Asset Trade Receivable Increase Debit
Jan 16 Asset Cash Decrease Debit
Equity Advertising Decrease Credit
Jan 20 Asset Cash Increase Debit
Asset Trade Receivable Decrease Debit
Jan 23 Asset Cash Decrease Debit
Liability Trade Payable Decrease Credit
Jan 28 Equity Dividend Payable Decrease Credit
Asset Cash Decrease Debit
Explanation:
All Asset accounts have debited balances while all liability and equity accounts have credit balances.
Income and Expense are subset of equity account. Hence any item relating to them will be categorized under equity.
Explanation:
