9. Grace Church borrowed $15,000 to buy a used bus. (A) Record the debit amount. (B) Record the credit amount. 10. Matt Jones earned a commission of $1,800 selling motorcycles. The commission was paid in cash. (A) Record the debit amount. (B) Record the credit amount.

9. Grace Church borrowed $15,000 to buy a used bus. (A) Record the debit amount. (B) Record the credit amount. 10. Matt Jones earned a commission of $1,800 selling motorcycles. The commission was paid in cash. (A) Record the debit amount. (B) Record the credit amount.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 4FPE

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Set up a T account for each entry

Transcribed Image Text:### Accounting Exercise: Recording Transactions **9. Grace Church borrowed $15,000 to buy a used bus.** - **(A)** Record the debit amount. - **(B)** Record the credit amount. **10. Matt Jones earned a commission of $1,800 selling motorcycles. The commission was paid in cash.** - **(A)** Record the debit amount. - **(B)** Record the credit amount. ### Additional Details: - The image contains a partial visual of a logo with the text "Sidney's Cycles," accompanied by a graphic of bicycles in motion. #### Note for Learners: When recording transactions, remember: - **Debits** usually increase asset or expense accounts and decrease liability, revenue, or equity accounts. - **Credits** usually increase liability, revenue, or equity accounts and decrease asset or expense accounts.

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