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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.

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.

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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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. 3 The obligation in number 2 was paid to the creditor. 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. 9. Paid taxes for municipal permit. Rendered car repair service. The customer made a promise to pay. 10
Transcribed Image Text: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. 3 The obligation in number 2 was paid to the creditor. 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. 9. Paid taxes for municipal permit. Rendered car repair service. The customer made a promise to pay. 10
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