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  3. record the debit and credit for each of the following...

Question: record the debit and credit for each of the following...

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Record the debit and credit for each of the following transactions

CHAPTER TWO The Accounting Process Name CP 2-3 Any Liability Debit Credit (dec.) (inc.) Transaction Any Asset Debit Credit (inc.) (dec.) Common Stock Debit Credit (dec.) (inc.) 2. Borrowed $5,000 from the bank 3. Paid $2,000 of the bank loan 4. Paid $600 in advance for a one-year insurance policy 5. Received $500 in advance for next months rental of office space

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