Do we credit or debit these transactions?
And what are we crediting: Asset, Capital or Liability?
1. £375 paid insurance on business debit card.
2. Receivable received £5400.
3. Supplier paid by bank transfer £12750.
4. receivable received £4500.
5. Petrol paid on debit card £80.
6. Personal withdrawal £2300.
7. Advertising paid by cheque £460.
8. Purchase of stock on credit £1650.
9. Purchase of stock by cheque £1630.
10. Invoice customer on credit £1700.
***i have done it and I know debiting a Dr increases and debiting a Cr decreases and crediting a Dr decreases and crediting a Cr increased. I just wanted my answers confirmed.
- Don GLv 71 month ago
Back to your textbook. This is basic accounting.