Question

In the table below, identify the general ledger accounts that are affected by each class of transactions:

Each column must be filled out under debit and credit , Options are: Accounts payable, accounts recievable, allowance for doubtfull accounts, cash, expenses, fixed assets, inventory, investment income, longterm debt and sales revenue.

Class of Transaction	Debit	Credit
Cash reciepts
Cash disbursements
Credit sales
Sales returns and allowances
Purchases on credit
Purchase Returns
Uncollectable account Write offs

Answer 1

Class of Transaction	Debit	Credit
Cash reciepts	Cash	Accounts Receivable
Cash disbursements	Accounts Payable	Cash
Credit sales	Accounts Receivable	Sales Revenue
Sales returns and allowances	Sales Revenue	Accounts Receivable
Purchases on credit	Inventory	Accounts Payable
Purchase Returns	Accounts Payable	Inventory
Uncollectable account Write offs	Expense	Allowance for doubtfull accounts