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Determine appropriate debit and credit account titles

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Question 1: In the columns below, insert the entry that would be made for each transaction under each accounting basis, using appropriate debit and credit account titles.

1.Purchased equipment on account

2.Paid cash for new equipment.

3.Purchased one-year insurance policy for cash.

4.Received bill for electricity.

5.Performed services for cash.

6.Performed services on account.

7.Paid cash for wages.

8.Paid for equipment purchased on account.

9.Depreciation on equipment.

10.Supplies are partly used.

 

Reference no: EM132480516

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