For each transaction, tell me what basic account will be debited, and which will be credited....

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For each transaction, tell me what basic account will be debited, and which will be credited. I have done #1 for you-- 1. Bailey contributed cash from his personal savings in the amount of $10,000. Cash will be debited $10,000. Owners equity will be credited $10,000. 2 Purchased chain saws and other equipment for $4,675 by writing a check. 3 Invested in the business a personally owned truck and trailer that was appraised for these values: Truck $38,000; Trailer $8,000. 5 Bailey used the debit card from his business bank account to purchase various supplies that should last several months, $1,860. 6 Bailey used the business debit card to purchase fuel and oil $245 7 Billed four different families in his neighborhood for tree trimming services: Tom Jones $860; Phillip Tate $460; Beth Armstrong $985; Pete Davis $1,460. All paid by check on the day of service except for Phillip Tate. 8 Bought a new wood-chipper machine for $2,805 from Southern Tools on account. Southern Tools allows an interest-free 3-month payment plan. 9 Performed a tree removal service and customer paid same day $945. 10 Purchased fuel using the business debit card $290 11 Bailey withdrew $1,500 cash for personal use. 13 Bailey wrote a check for chain saw repairs $165 14 Purchased fuel and oil using the business debit card $385 15 The city of Briarwood hired Bailey to cut down seven dead trees in the city park. This job took almost two weeks. The city paid Bailey $9,540 16 Bailey withdrew $3,000 cash for personal use W For each transaction, tell me what basic account will be debited, and which will be credited. I have done #1 for you-- 1. Bailey contributed cash from his personal savings in the amount of $10,000. Cash will be debited $10,000. Owners equity will be credited $10,000. 2 Purchased chain saws and other equipment for $4,675 by writing a check. 3 Invested in the business a personally owned truck and trailer that was appraised for these values: Truck $38,000; Trailer $8,000. 5 Bailey used the debit card from his business bank account to purchase various supplies that should last several months, $1,860. 6 Bailey used the business debit card to purchase fuel and oil $245 7 Billed four different families in his neighborhood for tree trimming services: Tom Jones $860; Phillip Tate $460; Beth Armstrong $985; Pete Davis $1,460. All paid by check on the day of service except for Phillip Tate. 8 Bought a new wood-chipper machine for $2,805 from Southern Tools on account. Southern Tools allows an interest-free 3-month payment plan. 9 Performed a tree removal service and customer paid same day $945. 10 Purchased fuel using the business debit card $290 11 Bailey withdrew $1,500 cash for personal use. 13 Bailey wrote a check for chain saw repairs $165 14 Purchased fuel and oil using the business debit card $385 15 The city of Briarwood hired Bailey to cut down seven dead trees in the city park. This job took almost two weeks. The city paid Bailey $9,540 16 Bailey withdrew $3,000 cash for personal use W

Answer rating: 100% (QA)

Purchased chain saws and other equipment for 4675 by writing a check Equipment will be debited 4675 Cash will be credited 4675 Invested in the busines... View the full answer