For each transaction, identify which account is debited and

For each transaction, identify which account is debited and which account is credited. Use proper account titles

Transaction Debit Credit
Received a bill for utilities to be paid next month

Performed services on account
Paid cash for a 12-month insurance policy, coverage starting next month
Paid rent for the current month
Borrowed cash from the bank for business use; a note was signed

What will be an ideal response

ANSWER

Transaction Debit Credit
Received a bill for utilities to be paid next month
Utilities Expense
Utilities Payable
Performed services on account Account Receivable Service Revenue
Paid cash for a 12-month insurance policy, coverage starting next month

Prepaid Insurance

Cash
Paid rent for the current month Rent Expense Cash
Borrowed cash from the bank for business use; a note was signed
Cash
Notes Payable