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A transaction is defined as a written agreement between a buyer and a seller to interchange goods, services, or assets for money.

According to accounting rules, all expenses are debited and incomes credited. Therefore, accounts receivable will be debited here as it is treated as an expense. While revenue earned on the performance of work is an income, it will be credited.

When the cash enters the business from the customers, then the cash is to be debited, and account receivables are to be credited. Here, the cash is brought by the customer, due to which it is to be debited, and since the customer account is closed, accounts receivable are to be credited.

The company can record the office supplies bought on credit by debiting the office supplies account as well as crediting accounts payable. Here, office supplies is an asset account; its normal balance is on the debit side of the balance sheet.

As per the accounting rule, debit all expenses and losses and credit all incomes and gains. Therefore, the expenses incurred on the purchase of gasoline are to be debited, and cash is credited.