Look at the following typical business transactions and work out which accounts are involved in each transaction. In every case, think what has happened and decide which account has received value (the account to be debited) and which account has given value (the account to be credited).

Complete the blank spaces by inserting the name of the account to be debited and the name of the account to be credited: LO3

(a) The firm bought some machinery on credit from Mitchells Ltd

(b) The firm sold a motor van and received cash

(c) The firm paid a creditor, M Fieldhouse, by cheque

(d) A loan is received from D Nelson in cash

(e) The firm bought some office equipment, paying by cheque

(f) A debtor, B Dixon, pays the firm in cash