Question

Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense

Answer 1

G Owner's Equity Assets 2 Date Effect +17,000 +1,340 -1005 Reason Increase in Capital Income Expenditure Account Account Debited Credited Effect Reason 1 Bank Capital +17,000 Increase in Bank Balance Cash Sales +1,340 Increase in Cash Balance Cost of Goods Sold Goods -1005 Decrease in Goods 4 Furniture Bank -4,778 Decrease In Bank Balance +4,788 Increase In Furniture 17 Goods Bank -2546 Decrease in Bank Balance +2546 Increase in Goods Stationary Bank |-77 Decrease in Bank Balance 21 Capital Bank -570 Decrease In Bank Balance 26 Cash Rent Income +1,110 Increase in Cash Balance Cash Sales +2,550 Increase in Cash Balance Cost of Goods Sold Goods -1912.5 Decrease in Goods 29 Telephone -421 Decrease in cash -421 Increase in Telephone IWater & electricity Cash -412 Decrease in Cash 10 11 12 -77 Expense -570 Drawings - 1110 Income -2550 Income -1912.5 Expenditure 13 14 Cash 15 16 17 T -412 Telephone Expense |