Identify the accounts to be debited and credited for each of the following transactions. 1. Invested $8,000 cash in the business in exchange for stock. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200. Transaction No. Account Debited Account Credited 1. Cash Common Stock 2. Supplies Accounts Payable 3. Accounts Receivable 4 Cash Identify the accounts to be debited and credited for each of the following transactions. 1. Invested $8,000 cash in the business in exchange for stock. 2. Purchased supplies on account for $1,000. 3. Billed customers $2,000 for services performed. 4. Paid salaries of $1,200. Transaction No. Account Debited Account Credited 1 Cash Common Stock 2. Supplies Accounts Payable 3. Accounts Receivable Cash 4 Salaries and Wages Expense Salaries and Wages Payable Attempts: 0 of 1 used Submit Answer Save for Later