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account should be debited and which account should be credited

account should be debited and which account should be credited

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting

Loki has just gone into business. The following is a list of his transaction for the month of September 2020:

 

  1. Loki buys some office machinery for cash.
  2. Some goods sold on cash terms.
  3. One quarter’s rent for premises paid in cash.
  4. Van bought for cash.
  5. Goods for resale purchased on cash terms.
  6. Cash paid into the business by Loki.
  7. A motor car for use in the business paid for by cheque.
  8. Cheques received from customers from sale of goods on cash terms.
  9. Office expenses paid in cash.
  10. Purchase of goods paid in cash.
  11. Cash received from sale of goods.
  12. Transfer of cash to a bank account.
  13. Goods purchased from Smith
  14. Loki introduces further capital in cash into the business.
  15. Goods sold for cash.

 

Required:

 

State which account in Loki’s books of account should be debited and which account should be credited for each transaction.

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