Identify the Account to Be Debited and the Account to Be

question 115

Short Answer

Identify the account to be debited and the account to be credited for each of the following transactions:
1. Purchased equipment for cash and a note payable.
2. Accepted a cash deposit from a customer for a service to be provided next month.
3. Provided services on account.
4. Purchased supplies on account
5. Received payment form the client in 3.
6. Provided services to customer in 2 and collected cash for the remaining work done.
7. Owner paid himself.
8. Paid in full for equipment purchased in 1.

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Definitions:

Ceiling Fans

Mechanical devices mounted on the ceiling of a room, designed to circulate air to cool or ventilate the space.

Servomotors

Specialized motors equipped with a feedback mechanism for precise control of angular or linear position, speed, and acceleration.

Permanent Magnet Motors

Electric motors that utilize permanent magnets to generate the magnetic field within the motor, rather than an electrical coil.

Field-wound Motors

Electric motors where the magnetic field is generated by winding wire around a core to create electromagnets, typically adjustable for speed control.