For each transaction, determine whether the account ament in parentheses is to be debited or credited
Paid rent in advance (prepaid Expenses) 1200
Bought merchandise on open account (accounts payable) 5000
Borrowed money from first national Bank (notes Payable) 12000
Sold merchandise (merchandise inventory) 1000
Paid O Brian Associates, 3000 owed those (Accounts payable)
Paid dividends (cash) 500
Delivered merchandise to customers (merchandise Inventory) 3000
Received cash from customers on accounts due (Accounts receivable 2000)