Identify the Accounts to Be Debited and Credited for Each

question 29

Essay

Identify the accounts to be debited and credited for each of the following transactions.
1. The owner, S. Wonder, invested $10,000 cash in the business.
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:

Goods and Services

The tangible products (goods) and intangible items (services) that are produced and provided to meet consumer needs and wants.

Mode of Transportation

Mode of Transportation describes the various methods used for moving goods or passengers, including air, rail, road, and sea.

Transportation Decisions

Relate to choosing the most efficient means and routes for moving goods within the supply chain.

Supply Chain

The network connecting suppliers to manufacturers, distributors, and retailers to the consumer, ensuring the flow of goods and services.