Account ament in parentheses is to be debited or credited

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Reference no: EM13747089

For each transaction, determine whether the account ament in parentheses is to be debited or credited

Paid rent in advance (prepaid Expenses) 1200

Bought merchandise on open account (accounts payable) 5000

Borrowed money from first national Bank (notes Payable) 12000

Sold merchandise (merchandise inventory) 1000

Paid O Brian Associates, 3000 owed those (Accounts payable)

Paid dividends (cash) 500

Delivered merchandise to customers (merchandise Inventory) 3000

Received cash from customers on accounts due (Accounts receivable 2000)

Reference no: EM13747089

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