I need help on this transaction...?

Question

those of you who know accounting, i need help wit this transaction- July 12 Paid $300 to Regan Realtors Assoc. to send employees to realtors' workshop. Cash is credit but wats debit?

the only expenses i can use are:
rent expense
salaries expense
gas expense
repairs expense
telephone expense
advertising expense
office supplies expense
depreciation expense, office equipment
depreciation expense, automobile
miscellaneous expense

Answer 1

You need to debit miscellaneous expense. Ignore ThomasRobinson's answer about the debit and credit, he's thinking of banking, which is different than accounting as far as debits and credits are concerned.
Cash is an asset account and is decreased with a credit, so then you have to debit the expense account to increase that. You're on the right track! You had it all down except for the name of the account to put that under. You already got the hard part straight, good job!
(I really hated my accounting class, but I do remember this, and I think you'll do just fine if you already know the credit and debit system.)
Oh yeah, and it's $300 debit to the expense account, just in case you weren't sure. It has to balance.

Answer 2

If you have $100 in your bank account, your bank account is in 'credit'. If you are overdrawn by $100 your bank account is in 'debit'.

Irrespective of the balance of your account, if you pay money into the account you 'credit' the account with that amount. If you pay a cheque out of the account, you 'debit' your account with that amount.

If you had owed Regan's $300 your account with them would have been in 'debit'. If Regans owed you $300 your account with them would have been in 'credit' for that amount.

Answer 3

Some kind of expense, like "Education" or something like that.

Answer 4

The remaining balance and it may be zero.

Answer 5

miscellaneous expense

It doesn't fit into the other categories.

Answer 6

services rendered

Answer 7

This was bugging me too

Answer 8

I think it depends