Exercise 12. Account Debited and Account Credited Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark Logan made cash investment in his Cash Logan,...

Extracted text: Exercise 12. Account Debited and Account Credited Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark Logan made cash investment in his Cash Logan, Capital business. 2 An office equipment was bought on Office Equipment Accounts Payable credit. 3 The obligation in number 2 was paid to the creditor. 4 An equipment was bought on cash basis. The owner withdrew cash from the business. 6 Paid rent for the month. 7 Collected cash for car repair service. 8 Paid electricity consumed by the business. 9. Paid taxes for municipal permit. Rendered car repair service. The customer made a promise to pay. 10