Question

Indicate the accounts to be debited and credited in each of the following transactions. (10 marks)...

Indicate the accounts to be debited and credited in each of the following transactions.

a. Montle (Pty) Ltd started business with P300,000 at the bank.

b. Bought office furniture paying by cheque P30,000.

c. Obtained a bank loan from the bank for P120,000.

d. Purchased goods on credit from YM Ltd for P30,000.

e. Sold goods on credit to AT ltd for P15,000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Account Titles Debit Credit
a. Cash/Bank 300000
      Capital 300000
b. Office Furniture 30000
      Cash/Bank 30000
c Cash/Bank 120000
      Bank Loan Payable 120000
d Inventory 30000
       Accounts Payable 30000
e Accounts Receivable 15000
       Sales Revenue 15000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For each transaction below, indicate the account to be debited and the account to be credited....
For each transaction below, indicate the account to be debited and the account to be credited. No Transaction Debit Credit 1. Invested cash in the business. 2. Received cash for services rendered. 3. Paid salaries by cheque for the week. 4. Bought equipment on credit. 5. Purchased a printer in cash. 6. Borrowed money from the bank. 7. Withdrew cash for personal use. 8. Paid rent by cheque for the month. 9. Issued cheque for the petty cash. 10. Paid...
Question 3 What will be the double entry for below-mentioned transactions? Complete the table. Transaction Accounts...
Question 3 What will be the double entry for below-mentioned transactions? Complete the table. Transaction Accounts to be debited Accounts to be credited example Bought a van with cheque. Van Bank Purchase furniture with cash. 2. Sold goods to Maniam Trading on credit. 3. Made cash sates. 4. Owner brought in additional capital in the form of a motor vehicle. 5. Made credit purchases from Zarina Enterprises. 6. Paid cash for petrol that is used in delivery van. 7. Received...
Cahaya Sdn Bhd was formed on 1 March 2020. The transactions for March 2020 in the...
Cahaya Sdn Bhd was formed on 1 March 2020. The transactions for March 2020 in the records of Cahaya Sdn Bhd are as the following: 2020 March    1 Started business with RM16,000 in the bank.               2 Bought van paying by cheque RM6,400.               5      Bought office fixtures RM900 on credit from Lama Sdn Bhd.            8      Bought van on credit from Super Cars Bhd RM7,100.          12     Took RM180 out of the bank and put it into the cash till.              15     Bought office fixtures...
Cahaya Sdn Bhd was formed on 1 March 2020. The transactions for March 2020 in the...
Cahaya Sdn Bhd was formed on 1 March 2020. The transactions for March 2020 in the records of Cahaya Sdn Bhd are as the following: 2020 March    1    Started business with RM16,000 in the bank.               2    Bought van paying by cheque RM6,400.               5      Bought office fixtures RM900 on credit from Lama Sdn Bhd.              8      Bought van on credit from Super Cars Bhd RM7,100.            12     Took RM180 out of the bank and put...
For each transaction, identify which account is debited and which account is credited. Use proper account...
For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc). Transaction Debit Credit Received cash on account from a customer Paid dividends to stockholders Purchased office supplies on account Received cash from customers for services to be performed next month Paid employee's salary Received a bill for utilities to be paid next month Performed services on account Paid cash for a 12-month insurance policy, coverage starting next month Paid...
Question 1 Please indicate whether the normal balance of each of the following accounts is a...
Question 1 Please indicate whether the normal balance of each of the following accounts is a debit or a credit: Debit Credit 1. Equipment 2. Land 3. Owner's, Withdrawals 4. Rent Expense 5. Interest Revenue 6. Prepaid Rent 7. Accounts Receivable 8. Office Supplies 9. Notes Receivable 10. Notes Payable 11. Owner's, Capital 12. Rent Earned 13. Rent Payable 14. Interest Expense 15. Interest Payable Question 2 The following transactions take place in April 2018 for Del Martin Consulting: Del...
Identify the books of prime entry used to record the following transactions. Transactions Books of Prime...
Identify the books of prime entry used to record the following transactions. Transactions Books of Prime Entry/Special Journals Example: Purchased goods of RM4,000 on credit from Rekka Enterprise. Purchase Journal i. Kaison Bhd bought a piece of land worth RM70,000 on credit. ii. Received payment from customer for goods delivered amounting to RM12,500. iii. A credit customer returned goods of RM900 due to wrong specification. iv. Paid insurance premium amounting RM3,000 cash. v. Issued cheque to Alken Enterprise for goods...
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a...
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (—) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services performed. ________ ________ ________ 2. Purchased office equipment on credit. ________ ________ ________ 3. Paid employees' salaries. ________ ________ ________ 4. Received cash from customer in payment on account. ________ ________ ________ 5. Paid telephone bill for...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) (Sample) Borrowed $4,240 from a local bank on a note due in six months. Received $4,930 cash from investors and issued common stock to them. Purchased $1,300 in equipment, paying $350 cash and promising the rest on a note...
Sani, a graduate from Universiti Putra Malaysia, started the Merchandise Company with RM50,000 cash on January...
Sani, a graduate from Universiti Putra Malaysia, started the Merchandise Company with RM50,000 cash on January 2019. Below are the one month transactions of his company. 1/1 Bought goods from A & Co. for RM10,000 cash. 2/1 Bought Goods for Cash 5,000 3/1 Bought Goods from B & Co. for cash 6,000 4/1 Purchased Goods from C & Co. on credit 8,000 4/1 Brought in RM60,000 Cash to business 5/1 Sold goods worth 8,000 to P 5/1 Bought furniture from...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT