For the following transactions, identify the account to be debited and the account to be credited: (a)

Question:

For the following transactions, identify the account to be debited and the account to be credited:
(a) Supplies are purchased on account
(b) Payment of an amount owing to a supplier
(c) Cash is borrowed from the bank
(d) Employees are paid salaries in cash
(e) Cash is received from a customer in advance
(f) An expense is paid in advance
(g) Services are performed on account
(h) A customer's account is collected
(i) A is paid to shareholders
(j) Income tax is paid
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...