For each of the business transactions listed below, you are to enter in the Workbook:

a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase or decrease to the account balance.

Where appropriate, assume the perpetual inventory system is used.

The business transactions are listed below.

– Remitted wages

– Commenced business with cash

– Purchased inventory with the business debit card

– Sold inventory for cash

– Purchased postage stamps with business debit card

– Sold inventory on credit The first entry for this question is completed as an example.

Transcribed Image Text:

Business Transaction Remitted wages Account Names Wages Bank Debit or Credit debit credit Chart of Account Group E CA Account Increase or Decrease increase decrease