Monaro Motors Cash and credit sales in the General Ledger 1 Capital contribution of $10 000 stock (agreed value) and $30 000 cash 2 Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank 3 Cash sale of parts for $400 (cost price $200) 4 Paid $2 500 cash to Wilson Fittings for shelving 5 Purchased stock on credit from HolFord Parts for $2 600 6 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7 Paid wages of apprentice $600 8 Kim Swood took home stock worth $1 500 9 Received $500 cash from Lemon Rentals Aug.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
Total
213 500
Monaro Motors
Cash and credit sales in the General Ledger
Capital contribution of $10 000 stock (agreed value) and $30 000 cash
Purchased prem ises worth $150 000 paying a $10 000 cash deposit with
the balance funded by a mortgage from QV Bank
Cash sale of parts for $400 (cost price $200)
Paid $2 500 cash to Wilson Fittings for shelv ing
Purchased stock on credit from HolFord Parts for $2 600
Sold parts on credit to Lemon Rentals for $900 (cost price $450)
7.
Aug.
1
Paid wages of apprentice $600
8.
Kim Swood took home stock worth $1 500
6.
Received $500 cash from Lemon Rentals
Analysing Chart
an A
Date
Accounts affected
Classification
Increase/
Debit
Credit
(A/L/Oe/R/E)
Decrease
Bank
capital
24
2$
Aug 1.
Asset
awner'sequity Decreave
Increase
Transcribed Image Text:Total 213 500 Monaro Motors Cash and credit sales in the General Ledger Capital contribution of $10 000 stock (agreed value) and $30 000 cash Purchased prem ises worth $150 000 paying a $10 000 cash deposit with the balance funded by a mortgage from QV Bank Cash sale of parts for $400 (cost price $200) Paid $2 500 cash to Wilson Fittings for shelv ing Purchased stock on credit from HolFord Parts for $2 600 Sold parts on credit to Lemon Rentals for $900 (cost price $450) 7. Aug. 1 Paid wages of apprentice $600 8. Kim Swood took home stock worth $1 500 6. Received $500 cash from Lemon Rentals Analysing Chart an A Date Accounts affected Classification Increase/ Debit Credit (A/L/Oe/R/E) Decrease Bank capital 24 2$ Aug 1. Asset awner'sequity Decreave Increase
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education