AI Solved: Accounts are found in the Blank 1 Question 7[select: , General Ledger, T, analysed, Double Entry] . Accounts can be presented in the Blank 2 Question 7[select: , General Ledger, T, analysed, Double Entry] format or the columnar format. Once a transaction is Blank 3 Question 7[select: , General Ledger, T, analysed, Double Entry] , entries can be made to the related accounts and the Blank 4 Question 7[select: , General Ledger, T, analysed, Double Entry] rule followed. Each account has a name. To record a transaction in an account, the same Blank 5 Question 7[select: , Date, Particulars, Debit, Credit] is recorded in both accounts because they refer to the same transaction. In the Blank 6 Question 7[select: , Date, Particulars, Debit, Credit] column, write the name of the corresponding or other account so the two accounts cross reference to one another. The amount is written in the Blank 7 Question 7[select: , Date, Particulars, Debit, Credit] and Blank 8 Question 7[select: , Date, Particulars, Debit, Credit] column accordingly. For example, to record the transaction: “On 1 January, the owner contributes $10,000 cash as capital to start their business”. In the Cash at Bank Account below, the date is Jan 1, the corresponding account name is Capital, and the amount is 10,000 on the debit side. In the Capital Account below, the date is Jan 1, the corresponding account name is Cash at Bank, and the amount is 10,000 on the credit side. [table] Cash at Bank Account Blank 9 Question 7 DateParticularsDebitCredit | Blank 10 Question 7 DateParticularsDebitCredit | Blank 11 Question 7 DateParticularsDebitCredit $ | Date | Particulars | Credit $ Blank 12 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 13 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 14 Question 7 1 JanuaryCapital$10,000Cash at bank | | | | | | | | [/table] [table] Capital Account Date | Particulars | Debit $ | Blank 15 Question 7 DateParticularsDebitCredit | Blank 16 Question 7 DateParticularsDebitCredit | Blank 17 Question 7 DateParticularsDebitCredit $ | | | Blank 18 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 19 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 20 Question 7 1 JanuaryCapital$10,000Cash at bank [/table] | Double-entry bookkeeping | Accounting | Black Tom

Question textGino's Gustoso started a pizza take away. "Gino's Pizzeria. Double entry accounting; Identify the two sides of each of the following transactions. In each transaction; if applicable ensure that you record the ASSET item; FIRST. [table] Transaction | Item | Element | Up / Down | Amount Gino deposited $10000 in a business bank account for Gino's Pizzeria. | Answer 1 Question 1 Accounts PayableAccounts ReceivableCapitalScooterLoanKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 2 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 3 Question 1 DownUp | $ 10,000 Answer 4 Question 1 Accounts PayableAccounts ReceivableCapitalScooterLoanKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 5 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 6 Question 1 DownUp | $ 10,000 The business paid $3500 for a gas cooking stove | Answer 7 Question 1 Accounts PayableAccounts ReceivableLoanCapitalScooterKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 8 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 9 Question 1 DownUp | $ 3,500 Answer 10 Question 1 Accounts PayableAccounts ReceivableCapitalLoanScooterKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 11 Question 1 Owners EquityLiabilityAssetRevenueExpense | Down | $ 3,500 Food supplies USED; purchased on credit from Buonissimo Groceries for $2500 | Answer 12 Question 1 Accounts PayableAccounts ReceivableCapitalLoanScooterKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Expense | Answer 13 Question 1 DownUp | $ 2,500 Answer 14 Question 1 Accounts PayableAccounts ReceivableCapitalLoanScooterKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 15 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 16 Question 1 DownUp | $ 2,500 Cash of $4,200 received from account customer; Luigi & Co Lawyers. | Bank | Answer 17 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 18 Question 1 DownUp | $ 4,200 Answer 19 Question 1 Accounts PayableAccounts ReceivableCapitalLoanScooterKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 20 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 21 Question 1 DownUp | $ 4,200 Paid Rent $2800 | Answer 22 Question 1 Accounts PayableAccounts ReceivableCapitalScooterLoanKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 23 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 24 Question 1 DownUp | $ 2,800 Answer 25 Question 1 Accounts PayableAccounts ReceivableCapitalScooterLoanKitchen EquipmentInsuranceWagesRentSupplies UsedSalesBank | Answer 26 Question 1 Owners EquityLiabilityAssetRevenueExpense | Answer 27 Question 1 DownUp | $ 2,800 [/table]

Question textActivity 2.9 (Moodle) In the double entry system, each transaction affects at least two accounts. The following transactions are all CREDIT SALE or CREDIT SERVICE SALE transactions, we therefore know that one account must be a RECEIVABLE, identify the OTHER account in that transaction.A credit sale would be an increase in the RECEIVABLE which is an increase in the ASSET section of the Accounting Equation A = L + OE + R - E. Keep this in mind, whatever you select must keep the equation in balance. [table] Transaction | Account; other than RECEIVABLE Sold inventory to a customer on credit for $500 | Answer 1 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Invoiced a client for consulting services provided $1000 | Answer 2 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Delivered goods to a retailer on credit for $2500 | Answer 3 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsDeliveryFeesMotor VehiclesLoanCash Completed a software installation for a business on credit for $3000 | Answer 4 Question 7 InventoryOffice StationeryBuildingComputer SoftwareSalesDrawingsWagesFeesMotor VehiclesLoanCash Delivered training session to a company on credit for $800 | Answer 5 Question 7 InventoryStaff TrainingBuildingComputer SoftwareSalesDrawingsWagesFeesMotor VehiclesLoanCash [/table]

Question textActivity 2.8 In the double entry system, each transaction affects at least two accounts. The following transactions are all CREDIT PURCHASE transactions, we therefore know that one account must be a PAYABLE or LOAN, identify the OTHER account in that transaction.A credit purchase would be an increase in the Payable or Loan which is an increase in the LIABILITY section of the Accounting Equation A = L + OE + R - E. Keep this in mind, whatever you select must keep the equation in balance. [table] Transaction | Account; other than PAYABLE or LOAN Invoiced for purchase of inventory from a supplier for $500 | Answer 1 Question 6 Accounts receivableBuildingOffice EquipmentInventorySalesDrawingsWagesFeesMotor VehiclesLoanCash Purchased a building with a loan $100,000 | Answer 2 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoan Purchased office equipment on credit $2000 | Answer 3 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoan Employees not yet paid from last week; $5,000 owing | Answer 4 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Received repairs and maintenance on business vehicle from Tip Top Auto Services, on credit $800 | Answer 5 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesRepairs & MaintenanceFeesMotor VehiclesLoanCash [/table]

Question textActivity 2.7 In the double entry system, each transaction affects at least two accounts. The following transactions are all CASH transactions, we therefore know that one account must be CASH, identify the OTHER account in that transaction.A cash inflow increases CASH, a cash outflow decreases CASH, this affects the ASSET section of the Accounting Equation A = L + OE + R - E. Keep this in mind, whatever you select must keep the equation in balance. [table] Transaction | Account; other than CASH Purchased Office Supplies for $150 cash | Answer 1 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Received $300 in cash from a customer for services provided | Answer 2 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Paid $200 in cash for electricity | Answer 3 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Owner withdrew cash for personal use | Answer 4 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Purchased a motor vehicle for cash $20,000 | Answer 5 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles [/table]

类似问题

Using the table below, which columns are affected if the following transaction occurs 'Cash of $200 is received for passing go'.

In which of the following scenarios are the increases and decreases in accounts not balanced?

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