Bright, the owner, invested $9,000 in the business in exchange for capital. Date Accounts and Explanation Debit Credit Nov. 3 Collected $6,000 cash for services Date Accounts and Explanation Debit Credit Nov. 4 Paid $8,000 for a one year insurance policy Date Accounts and Explanation Debit Credit Nov.5 Paid $8,000 for a one year insurance policy Date Accounts and Explanation Debit Credit Nov. 5 Purchased $6,000 of office supplies on account. Date Accounts and Explanation Debit Credit Nov.5 Paid $7,000 cash for land Date Accounts and Explanation Debit Credit Nov.5