Question

Analysis the following transaction according the traditional approach and state the accounts to be credited or debited.
1. Sold goods for cash.
2.cash deposited into bank.
3.withdrew from bank for office use.
4.paid rent by cheque.
5.paid interest on loan.

Answer 1

ANSWER:

1) Debit

2) Credit

3) Debit

4) Debit

5) Credit

6) Debit

7) Credit

8) Debit.

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