Required: Record the debit and credit for each of the following transactions (transaction 1 is done for you):
1. Purchased a $10,000 truck on credit
2. Borrowed $5,000 cash from the bank
3. Paid $2,000 of the bank loan in cash
4. Paid $600 in advance for a one-year insurance policy
5. Received $500 in advance from a renter for next month's rental of office space.

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Assets Debit Credit (inc.) (dec.) (dec.) (inc.) Liabilities Equity Debit Credit Debit Credit lt dec.) (inc.) 10,000 10,000