So as you know, in double entry accounting, every transaction affects 2 accounts. For example, if a business purchases a van for 50,000, the cash account will go down by a value of 50,00 (credit), whereas the asset account will go up by a value of 50,000 (debit). This task is just testing that area of knowledge, please tick what size each transaction affects and whether it's a debit or credit. a) Lots of fun Pty Ltd purchased $500 of clothing for research purposes from Sports Clothing Pty LTD on credit. Clothing debit or credit? Creditors debit or credit? B) lots of fun pty ltd received a bill for $200 from Telstra. Telephone expenses debit or credit? Creditors debit or credit? C) lots of fun pty ltd paid the forthrightly salary of $2500 of M.Davies (executive director) Salaries debit or credit? Bank A/c debit or credit? D) lots of fun pty ltd received a sum of $500 from south bank institute of technology as a donation. Bank A/c debit or credit? Donations debit or credit? E) lots of fun pty lots received and banked $1500 of fundraising sales Bank A/c debit or credit? Fundraising debit or credit? F) lots of fun pty ltd purchased a new motor vehicle costing $20,000 with a bank loan. Motor vehicle debit or credit? Bank loan debit or credit? G) lots of fun pty ltd paid outstanding creditors of $1500 Creditors debit or credit? Bank A/c debit or credit? H) lots of fun pty ltd wrote a $50 cheque for postage. Postage debit or credit? Bank A/c debit or credit? I) lots of fun pty ltd sold $500 of equipments on credit Debtors debit or credit? Equipment sales debit or credit? J) lots of fun pty ltd paid the auditors $1000 with a cheque. Auditor fees debit or credit? Bank A/c debit or credit