Problem 2. Journal Entry Debits & Credits (40 points) For each transaction described below, write the name of the account that would be debited and the name of the account that would be credited when recording the transaction. No dollar amounts or explanations are required. Transaction To Record the Transaction in a Journal Entry, Name the Accounts that you would debit and credit Account to DEBIT Account to CREDIT Company purchased inventory on account Company sold/provided services for cash Company recorded depreciation on equipment for the period Company paid NEXT YEAR's insurance premium Company paid vendor for a prior purchase on account Company paid utility bill Company received cash deposit from customer for work to be performed in the future Company received payment on previous sale made on account Company purchased machinery with a note Company issued a bond at face value Company paid interest due on bond issued at face value Company issued common stock at par value Company issued common stock at par value in exchange for a building Company declared a dividend on common stock Company paid a previously declared dividend on common stock Company disposed of equipment that was fully depreciated no residual) Company uses the percent of sales method and records estimated bad debts. Company recorded closing entry for revenue account Company recorded closing entry for