account2.1 Imagine you have been in business for a few months but you have not kept any proper recordsof your transactions. You have decided to end that business and start a new one by transferring every-thing to the new business. You now also want to start using double entry bookkeeping. The first stepis to write down a list of everything belonging to the old business and everything the old business owes.Here is the list you prepared:Cash4002Cash in US dollars' worth280Cash in the bankCash in the bank in Euros worth3.9004350Computer7106Mobile phone590Office furniture8408Printer160Delivery van2,95010Goods for sale12,30011Amcunt due from J. Gidman560Amcunt due from K. BaileyLoan from bank12230136,000Required:EMIWhat is the debit and credit entry for each of these items? (Ignore the amounts.)1 Cashk Cash in US dollars' worth3 Cash in the bankDebitaccountCreditaccountDebitaccountCreditaccountDebitaccountCredit4.Cash in the bank in euros worthDebitaccountCreditaccountaunoeComputerDebitaccountCreditaccountaunoɔpe6 Mobile phoneDebitaccountCreditaccountaunoeOffice furniture8Printer7DebitaccountCreditaunoɔpeDebitaccountCreditaccountDelivery vanDebitaccountCreditaccount10 Goods for saleDebitaccountCreditaccount11Amount due from J. GidmanDebitCreditaccountaccount12 Amount due from K. BaileyDebitaccountCreditaccount13 Loan from bankDebitaccountCreditaccount2.2 Make the entries in the T accounts for the items in question 2.1.Cash accountCash in US dollars accountCash in the bank accountCash in the bank in euros accountComputer accountMobile phone accountOffice furniture accountPrinter accountDelivery van accountGoods for sale accountAmount due from J. GidmanAmount due from K. BaileyaccountaccountLoan from bank accountCapital account

Name: account2.1 Imagine you have been in business for a few months but you
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Description: account2.1 Imagine you have been in business for a few months but you have not kept any proper recordsof your transactions. You have decided to end that business and start a new one by transferring every-thing to the new business. You now also want

Herein the old business is closed and owner transfer all the asset and liability to the new…

Business

Accounting

2.1 Imagine you have been in business for a few months but you have not kept any proper records of your transactions. You have decided to end that business and start a new one by transferring every- thing to the new business. You now also want to start using double entry bookkeeping. The first step is to write down a list of everything belonging to the old business and everything the old business owes. Here is the list you prepared: Cash 400 Cash in US dollars worth Cash in the bank 2 280 900 350 3 Cash in the bank in Euros worth 5. Computer 710 Mobile phone Office furniture 6. 590 840 Printer 160 9. Delivery van 2,950 10 Goods for sale 12,300 Amcunt due from J. Gidman Amount due from K. Bailey 11 560 12 230 13 Loan from bank 6.000

2.1 Imagine you have been in business for a few months but you have not kept any proper records of your transactions. You have decided to end that business and start a new one by transferring every- thing to the new business. You now also want to start using double entry bookkeeping. The first step is to write down a list of everything belonging to the old business and everything the old business owes. Here is the list you prepared: Cash 400 Cash in US dollars worth Cash in the bank 2 280 900 350 3 Cash in the bank in Euros worth 5. Computer 710 Mobile phone Office furniture 6. 590 840 Printer 160 9. Delivery van 2,950 10 Goods for sale 12,300 Amcunt due from J. Gidman Amount due from K. Bailey 11 560 12 230 13 Loan from bank 6.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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TRANSACTION : He bought a 10k office equipment paying 3k cash only and the balance will be paid after 30days QUESTIONS 1. So if recording in LEDGER (account name : CASH) is the 3k will be recorded on credit or the 10k? 2. In the LEDGER (account name : OFFICE EQUIPMENT) is the 10k must be recorded on the debit or the 3k? Please be on point on the answer, I'm just a little bit confused to this situation, thankyou! Don't answer the pic attached just answer my 2 questions only
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You were hired by Mr. Brian Stevens to prepare his convenience store’s Statement of Financial Position. In order to prepare the statement, you identified the following assets and liabilities of Mr. Stevens: a. His convenience store has cash deposited in a bank account amounting to P50,000 b. His convenience store had a lot of uncollected sales from customers amounting to P75,000 c. The total amount of merchandise left inside the store is P30,000 d. He already paid one year’s rent in advance amounting to P12,000 e. The value of all the company’s furniture amounted to P100,000 f. He bought merchandise from his supplier amounting to P25,000 and the supplier agreed that payment can be made 2 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,000 h. The convenience store had outstanding liabilities to utility companies amounting to P3,000 i. He had a loan from the bank amounting to P50,000 to be paid in 3 years Requirement: Prepare a Statement…