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Required: Record the debit and credit for each of the following transactions (transaction 1 is done for you):
- Purchased a $10,000 truck on credit
- Borrowed $5,000 cash from the bank
- Paid $2,000 of the bank loan in cash
- Paid $600 in advance for a one–year insurance policy
- Received $500 in advance from a renter for next month’s rental of office space.
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