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Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the October 2021 transactions numbered 1 through 10 below, indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Inventory Supplies Sales revenue Common stock Salaries payable Interest expense ces Account Debited Account Credited Cash Inventory Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months Sold goods to customers on account. (To record sale of goods to customers.) a 3 Sold goods to customers on account. (To record cost of goods sold to customers.) b 4. Purchased inventory on account 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in 3. 8. Borrowed cash from a bank and signed a note. 9. At the end of October, recorded the amount of supplies that had been used during the month 10. Received cash for advance payment from customer