Exercise 12. Account Debited and Account CreditedInstruction: For each transaction, identify the account debited and credited.DebitCredit1Clark Logan made cash investment in hisCashLogan, Capitalbusiness.2An office equipment was bought onOffice EquipmentAccounts Payablecredit.3The obligation in number 2 was paid tothe creditor.4An equipment was bought on cash basis.The owner withdrew cash from thebusiness.6Paid rent for the month.7Collected cash for car repair service.8Paid electricity consumed by the business.9.Paid taxes for municipal permit.Rendered car repair service. The customermade a promise to pay.10

Accounting of business transactions means updating the books of accounts through journal entries.…

Exercise 12. Account Debited and Account Credited Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark Logan made cash investment in his Cash Logan, Capital business. 2 An office equipment was bought on Office Equipment Accounts Payable credit. The obligation in number 2 was paid to the creditor. 3 4 An equipment was bought on cash basis. The owner withdrew cash from the business. 6. Paid rent for the month. 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. Paid taxes for municipal permit. Rendered car repair service. The customer made a promise to pay. 10

Exercise 12. Account Debited and Account Credited Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark Logan made cash investment in his Cash Logan, Capital business. 2 An office equipment was bought on Office Equipment Accounts Payable credit. The obligation in number 2 was paid to the creditor. 3 4 An equipment was bought on cash basis. The owner withdrew cash from the business. 6. Paid rent for the month. 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. Paid taxes for municipal permit. Rendered car repair service. The customer made a promise to pay. 10

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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