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Exercise 1: Fill the gap with "debited" or "credited" (30 pts)1. According to double-entry rules, if a liability increases, liability account will be 2. According to double-entry rules, drawings account is always 3. According to double-entry rules, purchases account is always 4. According to double-entry rules, Sales account is always 5. Refer to âCash Salesâ transaction, Sales account is 6. Refer to âCash Salesâ transaction, Cash/ Bank account is 7. Refer to âCredit Salesâ transaction, Sales account is 8. Refer to âCredit Salesâ transaction, debtorâs account is 9. Refer to âReturns Inwardsâ transaction, Returns Inwards account is 10. Refer to âReturns Inwardsâ transaction, debtorâs account is
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Exercise 1: Fill the gap with "debited" or "credited" (30 pts)1. According to double-entry rules, if...
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