In the columns below,insert the entry that would be made for each transaction under each accounting basis,using appropriate debit and credit account titles.
1. Purchased equipment on account.
2. Paid cash for new equipment.
3. Purchased one-year insurance policy for cash.
4. Received bill for electricity.
5. Performed services for cash.
6. Performed services on account.
7. Paid cash for wages.
8. Paid for equipment purchased on account.
9. Depreciation on equipment.
10. Supplies are partly used. 
Definitions:
Incremental Net
The net change in financial outcomes resulting from a particular decision or action, considering only the relevant costs and benefits.
Useful Life
Useful life is the estimated time period that an asset is expected to be useful for the operations of a business before it is fully depreciated.
Profitability Index
A financial tool used to determine the desirability of an investment or project, calculated as the present value of future cash flows divided by the initial investment.
Present Value
The present value of a future amount of money or series of payments, calculated based on a certain rate of return.
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