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Expanding the rules of debit and credit

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Question: Congratulations on your new business! ( Computer Servicing and Networking Business ) As an entrepreneur, you must understand all the transactions that are happening in your company.

This week, I want you to focus on Debit and Credit. Let's say you have been running your business for 3 months already. Write down another 3 transactions and expand the rules of Debit and Credit.

Here is an example of Transaction 1. Please don't forget to write at least 3 transactions.

"I have been running my catering service company Prof.Shu Catering for 3 months, and my business is doing very well. Yesterday on Jan 20th I provided a service for a wedding and made $8,000 revenue. The transaction is : Cash (Asset) increased by $8,000, and Service Revenue (Equity) increased by $8,000. We should Debit Cash, and Credit Service Revenue."

Reference no: EM131835635

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