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Complete the following table assuming the business uses perpetual inventory system. indicate the account to debit and the account to credit and show the effect

Complete the following table assuming the business uses perpetual inventory system. indicate the account to debit and the account to credit and show the effect on the accounting equation. The first is done for you as an example.

Transaction Account debit Account credit Asset Owners equity Liability
Credit purchase of goods Trading inventory Creditors control + 0 +
Cash purchase of goods.
Cash sale of goods
Credit sale of goods
Goods returned to creditors
Goods returned to debtors
Goods donated by the business

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