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QUESTION THREE - ANALYZING TRANSACTIONS - 20 MARKS State the account to be debited and the account to be credited for the following transactions. Choose
QUESTION THREE - ANALYZING TRANSACTIONS - 20 MARKS State the account to be debited and the account to be credited for the following transactions. Choose from the following list of accounts: cash, accounts receivable, supplies, equipment, land, accounts payable, note payable, capital, withdrawals, service revenue, utilities expense, and salary expense. Choose from the following list of accounts: Cash, Accounts Receivable, Supplies, Equipment, Land, Accounts Payable, Note Payable, Capital, Withdrawals, Service Revenue, Utilities Expense, And Salary Expense. DEBIT CREDIT Cash Service Revenue TRANSACTION Example: Provided tutoring services for cash. a) Purchased equipment for cash. b) Performed services for cash. c) Owner invests cash into the business. a) Purchased supplies for cash. e) Purchased equipment by issuing a note payable. ) Purchased supplies on account. g) Performed services on account. h) Received cash on account. i) Paid a creditor on account. k) Owner invested land in the business
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