Reference no: EM133101347

Question - In the first month of business, Jakmak Interior Design Company had the following transactions:

Mar. 5 The owner, Jackie MacKenzie, invested $10,620 cash in the business.

Mar. 7 Paid $360 cash for advertising the launch of the business.

Mar. 9 Purchased supplies on account for $1,040.

Mar. 11 Purchased a used car for $9,490 cash, for use in the business.

Mar. 13 Billed customers $2,030 for services performed.

Mar. 25 Borrowed $10,230 from the bank and signed a note payable.

Mar. 26 Received $1,040 cash from customers billed on March 13.

Mar. 29 Paid for the supplies purchased on March 9.

Mar. 30 Received $600 cash from a customer for services to be performed in April.

Mar. 31 Paid Jackie MacKenzie $1,480 cash for her personal use.

Required - 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.