I had a problem in solving question 3-29. To be precise I am not able to classify a transaction as credit or debit. Any help is duly appreciated. TIA

RDING TRANSACTIONS 3-29 Trial Balance Gamma Company had total assets (cash and inventories) of $50,000, total liabilities of $30,000, and stockholders' equity of $20,000 at the beginning of 20X0. During the year Gamma purchased inventory for $65,000 cash and sold all of that inventory for $100,000 cash. Total expenses other than cost of goods sold were $20,000, all paid in cash. 1. Enter the beginning balances into three T-accounts: Total Assets, Total Liabilities, and Stockholders' Equity. 2. Prepare journal entries for the transactions in 20X0. Post the inventory purchases, sales revenue, and expenses to the three T-accounts, opening new accounts for revenues and expenses as needed. 3. Prepare a trial balance at the end of 20X0. 3-30 Closing Accounts Use the information for Gamma Company in Exercise 3-29. Prepare closing entries to transfer all temporary accounts to an Income Summary account, and then close the Income Summary account to Stockholders' Equity. Note that Stockholders' Equity includes both paid-in capital and retained earnings; there is no way to separate the two with the information given. 3-31 Closing Accounts and Preparing Financial Statements moto funm Italund Spain and all them in its Bonfiglio