Show the effect of the following transactions on the accounting equation A=O+L and indicate the account...
Show the effect of the following transactions on the accounting equation A=O+L and indicate the account to be debited and credited in the table below.
1. Purchased consumable items from waltons by EFT $ 600
2. Settled the account of a supplier, cash converters by EFT $ 4000
3. A Loan was received from standard bank by EFT 200 000
4. Received rent from the tenant by cash $ 2500
5. Paid municipality for rates by Eft $ 3600
6. Purchased equipment by EFT $ 50 000
7. Paid cash $ 600 to a supplier hi-fi in full settlement of account.
| Account to debit | Account to credit | Asset | Owner's equity | Liabiity | |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 | |||||
| 6 | |||||
| 7 |
Homework Answers
| Account to debit | Account to credit | Asset | Owner's equity | Liability | |
| 1 | Consumables | Cash | - | ||
| 2 | Supplier | Cash | (4,000) | (4,000) | |
| 3 | Cash | Loan | 200,000 | 200,000 | |
| 4 | Cash | Rent | 2,500 | 2,500 | |
| 5 | Municipality | Cash | (3,600) | (3,600) | |
| 6 | Equipment | Cash | - | ||
| 7 | Hi-Fi | Cash | (600) | (600) | |
| Total | 194,300 | (1,100) | 195,400 |
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Show the effect of the following transactions on the accounting
equation A=O+L and indicate the account...
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Question 1
Selected transactions for Bakar Enterprise, an interior
decorator, are as follows:
March
2
Invested RM15,000 cash in business.
3
Purchased used car for RM4,000 cash for use in business.
9
Purchased supplies on account for RM500 .
11
Billed customer RM1,800 for services performed.
16
Paid RM200 cash for advertising.
20
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28
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firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
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Question 1
Selected transactions for Bakar Enterprise, an interior
decorator, are as follows:
March
2
Invested RM15,000 cash in business.
3
Purchased used car for RM4,000 cash for use in business.
9
Purchased supplies on account for RM500 .
11
Billed customer RM1,800 for services performed.
16
Paid RM200 cash for advertising.
20
Received RM700 cash from customers billed on 11 March.
23
Paid Ah Meng RM400 cash on balanced owed.
28
Paid RM1,500 cash salary to administrative assistant.
29...
Selected transactions for L. Takemoto, an interior decorating
firm, in its first month of business, are as follows.
Jan. 2
Invested $15,000 cash in the business in exchange for common
stock.
3
Purchased used car for $8,200 cash for use in the
business.
9
Purchased supplies on account for $500.
11
Billed customers $1,800 for services performed.
16
Paid $200 cash for advertising.
20
Received $780 cash from customers billed on January 11.
23
Paid creditor $300 cash on balance...
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