Analyzing transactions recorded in T accounts

Adriana Janek owns a business for which the following T accounts show the current financial situation. Write the answers for the following problem in the Working Papers.

Instructions:

1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each account, write the classification of the account in Column 3.

2. For each account, place a check mark in either Column 4 or 5 to indicate if the account is affected by a debit or a credit.

3. For each transaction, write a brief statement in Column 6 describing the transaction. Information for Transaction 1 is given as an example.