Question

For each transaction below, indicate the account to be debited and the account to be credited....

For each transaction below, indicate the account to be debited and the account to be credited.

No

Transaction

Debit

Credit

1.

Invested cash in the business.

2.

Received cash for services rendered.

3.

Paid salaries by cheque for the week.

4.

Bought equipment on credit.

5.

Purchased a printer in cash.

6.

Borrowed money from the bank.

7.

Withdrew cash for personal use.

8.

Paid rent by cheque for the month.

9.

Issued cheque for the petty cash.

10.

Paid by cheque in settlement of the equipment on credit.
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Homework Answers

Answer #1
No Transaction Debit Credit
1 Invested cash in the business. Cash A/C Capital A/C
2 Received cash for services rendered. Cash A/C Revenue A/C
3 Paid salaries by cheque for the week. Salaries A/C Bank A/C
4 Bought equipment on credit. Equipment A/C Creditor A/C
5 Purchased a printer in cash. Printer A/C Cash A/C
6 Borrowed money from the bank. Cash A/C Bank A/C
7 Withdrew cash for personal use. Drawing A/C Cash A/C
8 Paid rent by cheque for the month. Rent A/C Bank A/C
9 Issued cheque for the petty cash. Petty Cash A/C Bank A/C
10 Paid by cheque in settlement of the equipment on credit. Creditor A/C Bank A/C
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