In each of the following situations describe the way that the transaction would be dealt with in the accounts of the business and identify, where appropriate, the effect on the balance sheet and profit and loss account.

(a) Purchase of stock of raw materials on credit terms.

(b) Purchase of production machines for cash.

(c) Receipts from customers in respect of credit sales.

(d) Repayment of a loan.

(e) Payment in respect of research expenditure.

(f) Sale of goods on credit.
(g) Payment to supplier in respect of goods already delivered.
(h) Payment of wages to cleric al workers.
(i) Payment of wages to production workers.
(j) Payment of loan interest.
(k) Payment of an electricity bill from last year.
(1) Payment of rent quarterly in advance.
(m) Withdrawal of cash from the business by the owner.
(n) Receipt of cash from the owner.
(o) Withdrawal of stock for personal use by the owner.
(p) A customer going into liquidation owing money.