Solved: Debits and credit accounts for transaction, Accounting Basics

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Debits and credit accounts for transaction

Assignment: What are the debits and credit accounts for each transaction.

Part 1:

Bought pots from Sam on credit .........Show in the form of journal entries.

Received cash from sales

Paid wages with cash

Bought building with a bank loan

Part 2:

The Dr and Cr have been done. You need to interpret the transaction...ie paid salary with cash etc.

DR Loan $5000
CR Cash $5000

Dr XYZ Store $1000
Cr Sale of Mugs $1000

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Accounting Basics: Debits and credit accounts for transaction

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Accounting Basics: Debits and credit accounts for transaction

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