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15 May, 06:57

Name the accounts debited and credited for each of the following transactions.

A) Billing a customer for work done.

B) Receipt of cash from customer on account.

C) Purchase of office supplies on account.

D) Purchase of 15 gallons of gasoline for the delivery truck.

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Answers (1)
  1. 15 May, 07:39
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    In this the golden rules of accounting applies, debit the receiver, and credit the giver, debit all expenses and credit all incomes and gains.

    1. The journal entry is

    Accounts Receivable A/c Dr

    To Revenue

    (Being work performed is recorded)

    2. The journal entry is

    Cash A/c Dr

    To Accounts Receivable

    (Being cash received from customer is recorded)

    3. The journal entry is

    Office supplies A/c Dr

    To accounts payable

    (Being office supplies purchased on credit)

    4. The journal entry is

    Gasoline A/c Dr

    To Cash

    (Being purchase of gasoline is recorded)
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