Transaction 4 - and drawing accounts are made with debit...

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Transaction 4 : On April 5, Mr. Green purchases $30 worth of gasoline to power the mowers during  April. Since the gas is a cost of doing business during the present accounting period, an expense  account (gas expense) increases and is debited for $30. (Remember: increases in asset, expense, 
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Unformatted text preview: and drawing accounts are made with debit entries.) In addition, an asset account (cash) decreases and is credited for $30....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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