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EXAMPLE Journal entry Dr Motor vehicle Cr Bank Transaction Effect Increase Asset Purchased a motor vehicle and paid by cheque Decrease Asset Transaction Started a business with cash and leasehold premises. Sold goods to AC Bhd on credit. Motor van repairs being paid by cash. Returned goods bought on credit to an account payable. Received commission revenue by cheque. Bought machinery and paid only half of the amount by cheque. Effect Journal entry 1 2 3 4 6

EXAMPLE Journal entry Dr Motor vehicle Cr Bank Transaction Effect Increase Asset Purchased a motor vehicle and paid by cheque Decrease Asset Transaction Started a business with cash and leasehold premises. Sold goods to AC Bhd on credit. Motor van repairs being paid by cash. Returned goods bought on credit to an account payable. Received commission revenue by cheque. Bought machinery and paid only half of the amount by cheque. Effect Journal entry 1 2 3 4 6

FINANCIAL ACCOUNTING
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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  ASSET EXPENSES LIABILITIES CAPITAL REVENUES
(i) 67,500 85,700 50,500 53,700 49,000
(ii) 92,000 7,000 8,000 21,000 70,000
(iii) 112,000 85,000 200 171,000 25,800
(iv) 7,900 2,250 3,200 2,750 4,200
(v) 32,500 6,600 7,200 26,200 5,700


a)          State the journal entries using the format given as in the picure

EXAMPLE Journal entry Dr Motor vehicle Cr Bank Transaction Effect Increase Asset Purchased a motor vehicle and paid by cheque Decrease Asset Transaction Started a business with cash and leasehold premises. Sold goods to AC Bhd on credit. Motor van repairs being paid by cash. Returned goods bought on credit to an account payable. Received commission revenue by cheque. Bought machinery and paid only half of the amount by cheque. Effect Journal entry 1 3 4
Transcribed Image Text:EXAMPLE Journal entry Dr Motor vehicle Cr Bank Transaction Effect Increase Asset Purchased a motor vehicle and paid by cheque Decrease Asset Transaction Started a business with cash and leasehold premises. Sold goods to AC Bhd on credit. Motor van repairs being paid by cash. Returned goods bought on credit to an account payable. Received commission revenue by cheque. Bought machinery and paid only half of the amount by cheque. Effect Journal entry 1 3 4
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