Identify the Accounts to Be Debited and Credited for Each

question 136

Essay

Identify the accounts to be debited and credited for each of the following transactions.
1. The owners invested $10,000 cash in the business in exchange for ordinary shares.
2. Purchased supplies on account for $1,000.
3. Billed customers $2,000 for services performed.
4. Paid salaries of $900.

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Definitions:

Secondary Reinforcer

A learned stimulus that gains its reinforcing power through its association with a primary reinforcer.

Money

A medium of exchange in the form of coins and banknotes; used to facilitate transactions for goods, services, and debts.

Food

Nutritious substances that organisms consume or absorb in order to maintain life and growth.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's streams, lakes, and oceans.