For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account

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For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account in parentheses (use dr. or cr.):
1. Jacksonville sold merchandise on credit (Accounts Receivable).
2. Jacksonville received interest on an investment (Interest Revenue).
3. Jacksonville declared dividends and paid them in cash (Retained Earnings).
4. Jacksonville paid wages to employees (Wages Expense).
5. Jacksonville sold merchandise for cash (Sales Revenue).
6. Jacksonville acquired a 4-year fire insurance policy (Prepaid Expenses).

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Introduction to Financial Accounting

ISBN: 978-0133251036

11th edition

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

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