For each of the following transactions, STATE the ledger accounts affected, and whether the ledger account should be debited or credited. You are NOT required to prepare T accounts.

1. Purchased equipment for the business $50,000 using money from the bank

2. Sold goods on credit to J Ramsey $33,000 on credit

3.Purchased goods on credit from Appliance Limited.

4 Received payment from J Ramsey for goods sold on credit of $23,000

5. Cash sales, $100,000

Answer rating: 100% (QA)

Here are the ledger accounts affected and whether they should be debited or credited for each of the ... View the full answer