Match each of the following transactions of Lesch & Company with the appropriate letters, indicating the debits and credits to be made. Explain how you got your answer

1. Purchaced supplies on account

2. Paid interest on note payable

3.Paid cash dividend to stockholders

4. Returned some defective supplies and received a reduction in the amount owed

5.Made payment to settle note payable

6. Received an invoice for utilities used

7. Received payment in advance from client for work to be done next month

8. Received additonal capital contribution from stockholders

Financial Effect of Transaction

a. Debit an asset g. Debit dividends

b. Credit an asset h. credit dividents

c. Debit a liability i. Debit a revenue

d. Credit a liability j. Credit a revenue

e. Debit commonstock k.Debit an expense

f. Credit commonstock l. Credit an expense