Question

Name the accounts debited and credited for each of the following transactions.

Answer 1

Answer:

Explanation:

In this the golden rules of accounting applies, debit the receiver, and credit the giver, debit all expenses and credit all incomes and gains.

1. The journal entry is

Accounts Receivable A/c Dr

   To Revenue

(Being work performed is recorded)

2. The journal entry is

Cash A/c Dr

   To Accounts Receivable

(Being cash received from customer is recorded)

3.The journal entry is

Office supplies A/c Dr

   To accounts payable

(Being office supplies purchased on credit )

4.The journal entry is

Gasoline A/c Dr

   To Cash

(Being  purchase of gasoline is recorded)