For each of the following transactions, complete the table below and identify the accounts involved, the...
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For each of the following transactions, complete the table below and identify the accounts involved, the type of each account (asset, liability, equity, revenue, expense), whether each account increases or decreases in the transaction, and whether each account should be debited or credited. a. Selling hay to a neighbor. b. Borrowing money for operating expenses from Farm Credit Services. c. Paying the vet bill. d. Paying back part of the money borrowed from Farm Credit Services. e. The farm owner decides to use a personal computer for farm record keeping. f. Spending money from sale of grain to pay off personal credit cards. g. A young farmer receives 40 acres of land from parents. h. Buying enough feed for the entire winter. i. Buying a new tractor. j. Buying diesel fuel and storing it on the farm. k. Selling an old truck. 1. Spouse deposits money from part-time substitute teaching job into farm bank account. a. C. d. e. f. h. Accounts Type of Each Account Increase or Decrease Debit or Credit Each transaction is worth 8 points. See the example below. Transaction Analysis Example Accounts Breeding Livestock Cash Account Type Asset Asset Increase or Decrease Debit or Credit Increase Debit Decrease Credit There are two (and only two) accounts for each transaction. One of the accounts will be debited, and one account will be credited. For each of the following transactions, complete the table below and identify the accounts involved, the type of each account (asset, liability, equity, revenue, expense), whether each account increases or decreases in the transaction, and whether each account should be debited or credited. a. Selling hay to a neighbor. b. Borrowing money for operating expenses from Farm Credit Services. c. Paying the vet bill. d. Paying back part of the money borrowed from Farm Credit Services. e. The farm owner decides to use a personal computer for farm record keeping. f. Spending money from sale of grain to pay off personal credit cards. g. A young farmer receives 40 acres of land from parents. h. Buying enough feed for the entire winter. i. Buying a new tractor. j. Buying diesel fuel and storing it on the farm. k. Selling an old truck. 1. Spouse deposits money from part-time substitute teaching job into farm bank account. a. C. d. e. f. h. Accounts Type of Each Account Increase or Decrease Debit or Credit Each transaction is worth 8 points. See the example below. Transaction Analysis Example Accounts Breeding Livestock Cash Account Type Asset Asset Increase or Decrease Debit or Credit Increase Debit Decrease Credit There are two (and only two) accounts for each transaction. One of the accounts will be debited, and one account will be credited.
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5 a b c d e g b J 1 Accouts Selling Borrowing Vet bill Type of each Account revenue fasts Borrowin... View the full answer
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