Question

For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc).

Transaction	Debit	Credit
Received cash on account from a customer
Paid dividends to stockholders
Purchased office supplies on account
Received cash from customers for services to be performed next month
Paid employee's salary

Received a bill for utilities to be paid next month
Performed services on account
Paid cash for a 12-month insurance policy, coverage starting next month
Paid rent for current month
Borrowed cash from bank for business use and signed a note

Answer 1

Transaction	Debit	Credit
Received cash on account from a customer	Cash	Accounts Receivable
Paid dividends to stockholders	Dividends	Cash
Purchased office supplies on account	Office Supplies	Accounts Payable
Received cash from customers for services to be performed next month	Cash	Unearned Service Revenue
Paid employee's salary	Salary Expense	Cash
Received a bill for utilities to be paid next month	Utilities Expense	Accounts Payable
Performed services on account	Accounts Receivable	Service Revenue
Paid cash for a 12-month insurance policy, coverage starting next month	Prepaid Insurance	Cash
Paid rent for current month	Rent Expense	Cash
Borrowed cash from bank for business use and signed a note	Cash	Note Payable