Identification of Accounts.
Identify the account(s) to be debited and credited for the following transactions:
|
Transaction |
Debit |
Credit |
|
|
(a) (b) (c) (d) (e) (f)
(g) (h) (i) (j) (k) (l) (m) (n) |
Paid Electricity expense for the current period. Paid creditors for services received earlier. Billed customers for services provided. Took a loan from bank. Paid rent outstanding for the previous year. Proprietor made additional investment in the business. Bought office supplies on credit Paid insurance premium for the next year. Provided services for cash. Bought a computer on credit. Repaid part of bank loan. Paid proprietor’s son’s school fees. Paid interest on bank loan. Collected cash from customers on account. |
Electricity Expense |
Cash |