1. for each of the following transactions, state which account should be debited, and which should be credited for the business of M. Mark: Transaction Account to be debited Account to be credited Bought machinery on credit from MD Hardware Repaid by cash a loan from F Frank Bought goods paying by cheque Sold some Furniture to S. Tom, who paid with cheque M. Mead returned goods to the business The proprietor, M. Mark withdraws cash from the bank to use for the business The proprietor, M. Mark took some of the inventory for use at his home Paid rent expense with cash New equipment is brought into the business by the proprietor, M. Mark Made an online payment for telephone expense