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k. Collected $ 7,200 cash in partial payment from the client described in transaction g.
l. Paid $ 1,500 cash for wages to a drafting assistant.
m. Paid $ 2,250 cash to settle the account payable created in transaction h.
n. Paid $ 675 cash for minor repairs to the drafting equipment.
o. Shelton withdrew $ 9,360 cash for personal use.
p. Paid $ 1,500 cash for wages to a drafting assistant.
q. Paid $ 3,000 cash for advertisements in the local newspaper during June.

3 Thoughts on Which ones are credits and which ones are debits?
  1. Reply
    adrianhoosier
    July 29, 2011 at 9:53 pm

    What is this your 10th grade Accounting homework.

    If you collect money its a credit, if you pay money is a debt – in most coases. Think if you have $ 100 in your account and you write a check for a CD for $ 15 you account will be debted $ 15, if you find out that the CD is broken and take it back the store will owe you a credit of $ 15.

  2. Reply
    enchanted fairy
    July 29, 2011 at 10:40 pm

    credits are monies coming in (received, collected, etc)
    debits are monies going out (paid, owe, etc)

    You can figure it out from there…since this is obviously homework.

  3. Reply
    Kathryn
    July 29, 2011 at 11:00 pm

    Debit cash 7,200
    Credit accounts receivable 7,200

    Debit wage/salary expense 1,500
    Credit cash 1,500

    Debit accounts payable 2,250
    Credit cash 2,250

    Debit repair and maintenance expense 675
    Credit cash 675

    Debit equity 9,360
    Credit cash 9,360

    Debit wage/salary expense 1,500
    Credit cash 1,500

    Debit advertising expense 3,000
    Credit cash 3,000

    A piece of advice: It will help you figure these out yourself if you remember that when you get cash, it’s a debit to cash and when you spend cash, it’s a credit to cash. Start with the cash half of a journal entry (when cash is involved), and then do the other side of the entry.

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