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For each of the transactions below, the two accounts affected are given.
State whether the accounts should be debited or credited as a result.
Answer "d" or "c" for "debited", "credited" respectively.
1) The owner starts the business with £20,000 in cash:
Action
Capital
Cash
2) £15,000 of the cash is placed in a Bank account
Cash
Bank
3) £2000 worth of Fixtures are bought on credit from "Office World"
("Fixtures" means shelves/desks/chairs etc needed in the shop.)
Fixtures
Office World
4) Part Re-payment to "Office World, £1000 cash.
Cash
Office World
5) Bought goods on credit from Abe Books
Inventory
Abe Books
6) Bought a delivery van for £3000 paying by cheque
Van
Bank
7) The owner pays Abe Books £200 using his own money
Capital
Abe Books
8) The owner takes £50 from the business bank account for his own use.
Capital
Bank
9) We returned some faulty fixtures (bought on credit) to "Office World".
Fixtures
Office World
10) A customer buys books on credit.
Acc Receivable
Inventory
Reset
Print