Principles of Accounting 110
Debit and Credit Demonstration Problems

Bachelor Button Problem 1
  

Problem 2

In the table below, enter the number corresponding to each of the following transactions:

  1. Purchased paper for cash and a desk on account from Norfolk Office Supply.
  2. Paid the outstanding Norfolk Office Supply bill.
  3. Billed a client for a completed design job.
  4. Norfolk Office Supply received an additional cash investment by its owner.
  1. Received payment from the client.
  2. Used paper from the supplies inventory.
  3. Sold paper  to an employee for $5 over cost.
  4. Returned one ream of paper and received cash back.

Transaction
Number 

 Assets Liabilities and Equity
Cash A/R Supplies Equipment A/P Capital
1. $1,500             $1,500   
2.    (425)      425    800    800     
3.       13        (13)        
4.    (800)         (800)    
5.       25        (20)               5   
6.     (300)          (300)  
7.   700           700   
8.    700 (700)