Complete the following table:

(a) Paid wages by cash

(b) Paid insurance by cheque

(c) Received by cheque rebate of insurance previously paid Exercise 3. 4 Which asset is reduced in value under the following circumstances?

(a) Rent is paid by cheque.

(b) A customer is allowed 3% discount for prompt payment.

(c) Wages are paid in cash.

(d) A customer unable to pay an amount owed.

(e) It is discovered that machinery purchased for £1 ,000 is now worth £800.LO.1

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Complete the following table: Transaction Account to be debited Account to be credited