Required: Record the debit and credit for each of the following transactions (transaction 1 is done for you):

Assets = Liabilities + Equity

1. Purchased a $10,000 truck on credit

2. Borrowed $5,000 cash from the bank

3. Paid $2,000 of the bank loan in cash

4. Paid $600 in advance for a one-year insurance policy

5. Received $500 in advance from a renter for next month's rental of office space.