ctivity 1Match the accounting termsk on your own.Credit BurMatch column A with column B.redit BureaUmers. It carColumn Aduals condColum1.1A person who owes money to a businessA Cash sales credit age businesSales where a business receives moneyimmediately1.2B Bad debts ing:edit limicific daSales where a person buys goods and pays at C Debtora later date1.3mentD Credit sales entiveacco1.4How a person handled debt in the past1.5If a debtor cannot pay back its debtsE Credit recordhinalticTotal

Name: ctivity 1Match the accounting termsk on your own.Credit BurMatch colu
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Description: ctivity 1Match the accounting termsk on your own.Credit BurMatch column A with column B.redit BureaUmers. It carColumn Aduals condColum1.1A person who owes money to a businessA Cash sales credit age businesSales where a business receives moneyimmedi

Sales is the amount or value of goods or services that are being delivered by the business. Cash…

Business

Accounting

Match column A with column B. mers. Column A duals Colum e bu A Cash sales 1.1 A person who owes money to a business crec Sales where a business receives money 1.2 immediately B Bad debts ing edit cif Sales where a person buys goods and pays at C Debtor a later date 1.3 re 1.4 How a person handled debt in the past D Credit sales 1.5 If a debtor cannot pay back its debts E Credit record

Match column A with column B. mers. Column A duals Colum e bu A Cash sales 1.1 A person who owes money to a business crec Sales where a business receives money 1.2 immediately B Bad debts ing edit cif Sales where a person buys goods and pays at C Debtor a later date 1.3 re 1.4 How a person handled debt in the past D Credit sales 1.5 If a debtor cannot pay back its debts E Credit record

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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2.1 REQUIRED■ Show the effect of the following transactions of Montagu Stores on the Accounting equation. Use “+” to denote an increase, “–” to denote a decrease and “0” to denote no change to the elements of the equation. Copy the table in your answer book and follow the example given.■ Assume that the bank balance is favorable at all times. (10)Transactions2.1.1 Received rent from the tenant, R3 000.2.1.2 Received an account from Telstar Motors for motor vehicle repairs, R2 000.2.1.3 Issued a cheque to Makro Suppliers for equipment purchased, R10 000.2.1.4 Issued a receipt to the proprietor who increased her capital contribution by R200 000.2.1.5 Received R1 000 from a debtor who settled his account.2.2 REQUIRED
QUESTION TWO Enter the following transactions in the accounts of R.Sampa,balance off the accounts and extract the Trial Balance: 2022 Nov 1 Started in business with K15,000 in the bank. 3 Bought goods on credit from: J Small K290; F Brown K1,200; T Rae K610; R Charles K530. 5 Cash sales K610. == 6 Paid rent by cheque K175. 7 Paid business rates by cheque K130. 11 Sold goods on credit to: T Potts K85; J Field K48; T Gray K1,640. == == 17 Paid wages by cash K290. 18 We returned goods to: J Small K18; R Charles K27 19 Bought goods on credit from: R Charles K110; T Rae K320; F Jack K165. == == 20 Goods were returned to us by: J Field K6; T Potts K14. 21 Bought van on credit from Turnkey Motors K4,950. 23 We paid the following by cheque: J Small K272; F Brown K1,200; T Rae K500. == == 25 Bought another van, paying by cheque immediately K6,200. 26 Received a loan of K750 cash from B. Bennet. 28 Received cheques from: T Potts K71; J Field K42. 30 Proprietor brings a further K900 into the…
Exercise for two-side errors Following are some accounting errors: ( the followings are two side errors) 1. Sales for R.O 20,000 made to Ahmed was not entered in the Sales book. 2. Cash R.O 50,000 paid to the creditor Ali was debited to Ahmed's A/c. 3. Purchase account was overcast by R.O 4000 and sales account was overcast by RO4000 4. Payment to a creditor “X" was wrongly credited to his account and debited to cash by R.O 1,200. 5. Purchase of furniture for R.O 5,000 entered in purchase account. 6. Amount of R.O 1,500 received from Ali was credited to Alia Account. 7. Cash received from Saleh R.O 2,500 were recorded as R.O 5,200. 8. Total of the Sales Book was overcast by R.O 1,000 and Interest received account was undercast by RO 1,000 Rectify the above error by making journal entry.
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The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
Stella owns a retail shop called Stella’s General Dealers. She sells goods mostly for cash and two of her cash customers are Galaxy Stores and Milkway Dealers. She also sells goods on credit to Apollo Stores. Stella’s General Dealers also purchases goods for cash and on credit from only one supplier called Concorde Stores. Match the colums:
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An entrepreneur purchases advertising on credit. What is the effect on the financial statements? Question 9 options: Expenses decrease and accounts payable increase. Expenses increase and accounts payable decrease. Expenses decrease and accounts payable decrease. Expenses increase and accounts payable increase.