Working with Debits and Credits: Complete the Chart
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Use x to mark correct answer (Debit / Credit)
Item Account Category Debit Credit Wages paid during the month Expenses Purchase a maintenance garage Assets (transaction) Purchase long-term investments Assets (transaction) Fees for servicing widgets Revenue Short term loan increase Liabilities (transaction) Owner’s salary Equity (withdrawals) Increase in accounts receivable Assets (transaction) Office supplies Expenses Money from widget sales Revenue Accounts payable decrease Liabilities (transaction) End of the month assets balance Assets (normal balance)