Account for the following transactions using T accounts:Sell goods for 90,000£ on creditReceive a cash payment of 50,000£ from the credit customerThe business grants a discount of 5,000£ to the credit customer for early repaymentBuy a car for 25,000 in cashPay wages for 8,000£Open a bank loan for 5,000£, receive the proceeds in cashIdentify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).

Sale A/c( Nominal A/c) PARTICULAR AMOUNT PARTICULAR AMOUNT To…

Answered: ccount for the following transactions…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

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Account for the following transactions using T accounts:

Sell goods for 90,000£ on credit
Receive a cash payment of 50,000£ from the credit customer
The business grants a discount of 5,000£ to the credit customer for early repayment
Buy a car for 25,000 in cash
Pay wages for 8,000£
Open a bank loan for 5,000£, receive the proceeds in cash

Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).

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