Question: Indicate for each of the following transactions whether an accountant

Indicate for each of the following transactions whether an accountant will debit or credit the account named in parentheses (use dr. or cr.):
1. Sold merchandise (Merchandise Inventory), $1,500
2. Bought merchandise on account (Merchandise Inventory), $4,000
3. Paid Napoli Associates $3,000 owed them (Accounts Payable)
4. Received cash from customers on accounts due (Accounts Receivable), $2,000
5. Bought merchandise on open account (Accounts Payable), $5,000
6. Borrowed money from a bank (Notes Payable), $10,000
7. Sold merchandise (Cost of Goods Sold) $1,500



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  • CreatedFebruary 20, 2015
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