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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:
Cash
Equipment
Dividends
(1)
75,000
(2)
4,000
(3)
25,000
(9)
5,000
(7)
11,000
3,000
(4)
2,700
(6)
9,000
Accounts Receivable
Accounts Payable
Service Revenue
(5)
19,500
22,000
Supplies
Capital Stock
Operating Expenses
(8)
2,000
Indicate for each debit and each credit: (a) whether an asset, liability, stockholders' equity, dividends, 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
assets
+
Stockholder's equity
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