For Each Transaction, Identify Which Account Is Debited and Which

question 145

Essay

For each transaction, identify which account is debited and which account is credited. Use proper account titles.
$$\begin{array} { | l | l | l | } \hline { \text { Transaction } } & \text { Debit } & \text { Credit } \\\hline \text { Received cash on account from a } & & \\\text { Eustomer } & & \\\hline \text { Paid cash dividends to } & & \\\text { Etockholders } & & \\\hline \text { Purchased office supplies on } & & \\\text { account } & & \\\hline\text { Received cash from customers for } & & \\\text { pervices to be performed next } & & \\\text { month } & & \\\hline \text { Paid employee's salary } & & \\\hline \end{array}$$

Understand the components of the basic accounting equation and its applications.

Identify the effects of business transactions on the accounting equation.

Analyze how different transactions impact Assets, Liabilities, and Owner's Equity.

Calculate net income or net loss based on revenues and expenses.

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Definitions:

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