Accounting Cycle
Explain the Meaning of Each of the Following

Essay

Accounting cycle
Explain the meaning of each of the following journal entries. The first is provided as an example. $$\begin{array} { | l | l | l | } \hline \begin{array} { c } \text { Account } \\\text { debited }\end{array} & \begin{array} { c } \text { Account } \\\text { credited }\end{array} & { \text { Explanation } } \\\hline \text { Cash } & \text { Sales } & \begin{array} { l } \text { Sold goods /} \\\text { services for cash }\end{array} \\\hline \text { Inventory } & \begin{array} { l } \text { Accounts } \\\text { payable }\end{array} & \\\hline \begin{array} { l } \text { Accounts } \\\text { receivable }\end{array} & \text { Cash } & \\\hline \text { Land } & \begin{array} { l } \text { Capital } \\\text { stock }\end{array} & \\\hline \begin{array} { l } \text { Interest } \\\text { payable }\end{array} & \begin{array} { l } \text { Interest } \\\text { expense } \end{array} & \\\hline\end{array}$$