Indicate the Account(s) to Be Debited and Credited to Record

question 21

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-John partner invested cash in the business.
Debit ________ Credit ________

• A)Cash
• B)Accounts receivable
• C)Allowance for doubtful accounts
• D)Merchandise inventory
• E)Store supplies
• F)Store equipment
• G)Accumulated depreciation
• H)Notes payable
• I)Accounts payable
• J)John Partner's, Capital
• K)Joy Partner's, Capital
• L)John Partner's, withdrawals
• M)Joy Partner's, withdrawals
• N)Income summary
• O)Service revenue
• P)Gain on realization
• Q)Loss on realization

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Definitions:

Credit Balance

Refers to the amount on the right side of a company's ledger account, indicating that liabilities, equity, or revenue have increased or that assets or expenses have decreased.

Accounts Listed

Refers to the organized list of all accounts used in a company's accounting system, which can include assets, liabilities, equity, revenues, and expenses.

Sales Returns

Goods returned by the buyer to the seller, leading to a reduction in the seller's revenue.