Sheldon Crunch Company Transactions Date Transactions June 1 Purchases boxing equipment on account for $5,000. 2 $1,000 cash is paid to landlord for June rent. 3 $25,000 of cardboard inventory was purchased on account. 14 Paid off the entire debt acquired on June 3rd. Identify the accounts to be debited and credited for each transaction. For example, if the transaction describes a company purchasing office supplies for $500 cash, two accounts that will be affected are Supplies and Cash. Cash was used to purchase Supplies. Both Cash and Supplies are assets. However, Cash is leaving company. This means cash balance will be reduced. Assets increase with debit side but decrease with credit side. Therefore, Cash needs to be credited. For Supplies, the company is gaining Supplies. Supplies are assets and will increase with debit side. Therefore, Supplies need to be debited. Normal Balances Account Debited June 1 [Select] June 2 [Select] Account Credited [Select] [Select] June 3 [Select] [Select] June 14 [Select] [Select] Sheldon Crunch Company Transactions Date Transactions June 1 Purchases boxing equipment on account for $5,000. 2 $1,000 cash is paid to landlord for June rent. 3 $25,000 of cardboard inventory was purchased on account. 14 Paid off the entire debt acquired on June 3rd. Identify the accounts to be debited and credited for each transaction. For example, if the transaction describes a company purchasing office supplies for $500 cash, two accounts that will be affected are Supplies and Cash. Cash was used to purchase Supplies. Both Cash and Supplies are assets. However, Cash is leaving company. This means cash balance will be reduced. Assets increase with debit side but decrease with credit side. Therefore, Cash needs to be credited. For Supplies, the company is gaining Supplies. Supplies are assets and will increase with debit side. Therefore, Supplies need to be debited. Normal Balances Account Debited June 1 [Select] June 2 [Select] Account Credited [Select] [Select] June 3 [Select] [Select] June 14 [Select] [Select]