is a merchandising company selling OFFICEA) ARTEK CO.SUPPLIES,Company's 01.01.2019 Balance Sheet Accounts are;Cash 45.000 TL, Account Payable 25.000 TL,Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL,Note Payable 60.000TL , Merchandise 130.000TL ,AccountReceivable 75.000TL, Capital ?TL.B) In January 2019 ARTEK CO. Made The following businesstrancactions.1)Merchandise purchased for 135.000TL + %10 VAT and noteendorsed for purchase. 8.00OTL+%10 VAT Freight in is paid bysigning (issuing) check.2) Mercha ndise sold for 160.000TL, on account + VAT %10.Customer is sued a check Cost of goods sold is 86.000TL3)78.000 TL payment of Note transferred by the customerto the Bank, to close the open account.

Name: is a merchandising company selling OFFICEA) ARTEK CO.SUPPLIES,Company
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Description: is a merchandising company selling OFFICEA) ARTEK CO.SUPPLIES,Company's 01.01.2019 Balance Sheet Accounts are;Cash 45.000 TL, Account Payable 25.000 TL,Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL,Note Payable 60.000TL , Merchandise 130.0

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A) ARTEK cO. is a merchandising company selling OFFICE SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account Payable 25.000 TL, Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL, Note Payable 60.000TL , Merchandise 130.000TL ,Account Receivable 75.000TL, Capital ?TL.

A) ARTEK cO. is a merchandising company selling OFFICE SUPPLIES, Company's 01.01.2019 Balance Sheet Accounts are; Cash 45.000 TL, Account Payable 25.000 TL, Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL, Note Payable 60.000TL , Merchandise 130.000TL ,Account Receivable 75.000TL, Capital ?TL.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

is a merchandising company selling OFFICE
A) ARTEK CO.
SUPPLIES,
Company's 01.01.2019 Balance Sheet Accounts are;
Cash 45.000 TL, Account Payable 25.000 TL,
Machinary 85.000TL, Bank Credit 65.000TL, Bank 90.00OTL,
Note Payable 60.000TL , Merchandise 130.000TL ,Account
Receivable 75.000TL, Capital ?TL.
B) In January 2019 ARTEK CO. Made The following business
trancactions.
1)Merchandise purchased for 135.000TL + %10 VAT and note
endorsed for purchase. 8.00OTL+%10 VAT Freight in is paid by
signing (issuing) check.
2) Mercha ndise sold for 160.000TL, on account + VAT %10.
Customer is sued a check Cost of goods sold is 86.000TL
3)78.000 TL payment of Note transferred by the customer
to the Bank, to close the open account.

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