Question
Analyze these transactions to determine what accounts will be debited and credited. If necessary, use the list of sample account names in Figure 1.6 in
Analyze these transactions to determine what accounts will be debited and credited. If necessary, use the list of sample account names in Figure 1.6 in Chapter 1. Feb. 1 William Stibinski, the owner, invested $75,000 cash in a hardware store. 2 Borrowed $20,000 from the bank. 3 Bought a building and land for $80,000. The building is valued at $63,000 and the land at $17,000. Paid by cheque. 4 Bought a cash register for $950. Issued a cheque. 5 Bought a desk and chair for the office for $1,200 on account from Hillop Furniture Co. 6 Bought a used delivery truck for $6,100 on account from Morray Auto Sales. 7 Made a partial payment on the bank loan, $500. 8 Paid Hillop Furniture Co. $400 on account. 9 Bought an inkjet printer from Hillop Office Furniture Co. for $250. Paid $50 cash and agreed to pay the balance in 10 days.
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