Grand Canyon Tours Co. is a travel agency. The nine transactions recorded by Grand Canyon Tours during April 2014

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:


Cash Equipment Luis Chavez, Drawing (1) 75,000 (2) 4,000 (3) 25,000 (9) 5,000 (7) 11,000 (3) 3,000 (4) 2,700 (6) 9,000 (9) 5,000
Accounts Receivable Accounts Payable Service Revenue (5) 19,500 (7) 11,000 (6) 9,000 (3) 22,000 (5) 19,500
Supplies Luis Chavez, Capital Operating Expenses (2) 4,000 (8) 2,000 (1) 75,000 (4) 2,700 (8) 2,000 


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 increased (+) or decreased (–). Present your answers in the following form, with transaction (1) given as an example:


Account Debited Account Credited Transaction Type Effect Type Effect (1) asset + owner’s equity +


Answer:


a. and b.    
Account Debited  Account Credited  
Transaction  
Type  
Effect  Type  Effect  
(1) (2) (3)  
(4) (5) (6) (7) (8) (9)  
asset +   owner’s equity  + asset  +   asset  –  asset  +   asset  –     liability  + expense +  asset –  asset +  revenue +  liability –  asset –  asset +  asset –  expense +  asset – drawing +  asset –