For each of the business transactions listed below, you are to enter in the Workbook:

a the account name, with debit account first b if the account entry is a debit or credit c the chart of account group name, that is CA, NCA, CL, NCL, OE, R, E d if the entry is an increase or decrease to the account balance.

The business transactions are:

– purchased machinery with debit card

– dishonour of a cheque previously received from a credit customer

– a bill payable is met

– received rental remittance.

The first entry is completed as an example for this question.

Transcribed Image Text:

Business Transaction Account Names Purchased machinery with debit card Machinery GST Receivable Bank Debit or Credit debit debit credit Chart of Account Group NCA CA CA Account Increase or Decrease increase increase decrease