None Naledi Traders obtained a loan of R120 000 from the bank and purchased a vehicle for employees to use when traveling to court for thefull amount Naledi Traders maintained a favourable bank balanceTime left 1:11:47Prepare the BAE Incorporating the information form the above transaction in the table below by indicating the net effect (amount) andthe account debited and creditedInstructions for numeric responses:1 Use a full stop to indicate any decimals (eg 1000.01)2. Round off to the second decimal after the full stop (eg 50.56)3. When an element decreases, use a negative sign in front of the amount (eg -1000.01)4. When an element increases, the amount will be without any sign (eg 1000 01)5. Only show the amount, do not show the "R" (eg 1000)6 If no amount should be recorded in any of the numeric spaces please indicate it by filling in a zero (0)AssetsEquity=Liabilities

Step 1: Analyzing the transactions Transaction Assets=Equity+LiabilityObtained loan of 120,000 from…

Answered: Naledi Traders obtained a loan of R120…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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Determine whether the following reconciling items should be added to the book or bank account balance or deducted from the book or bank account balance by putting a (√) check mark or (X) cross mark on the corresponding columns.
Identify what reconciling item of the book or bank the following independent transaction. TRANSACTION RECONCILING ITEM ABC company deposited a check paid by the 1. customer but was returned by the bank due to the issuer's lack of funds. ABC Company received P2, 000 from Romel. The bookkeeper recorded 2. BOOK. P1,800 will be added to the books. the amount as P200. 3. The deposits of ABC Company earned an interest of P200 for the month. 4. The bank charges a fee for its services of P45. 5. ABC Company received cash of P1, 450 on March 31 and was recorded on the company's books. Due to an unforeseen event, the liaison officer was able to deposit the P1, 450 in the bank on April 1. ABC Company issued a check of P30, 000 to a 6. supplier. Supplier not yet deposited to the bank for payment. 7. ABC Company bank statement for the month of March shows that bank charges of P45 have been incorrectly recorded twice by the bank The bank collected P40, 000 from the 8. BANK customer. 9. P10,000…
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The Bramble Company received $820 on account frana cto The transaction was eneously recorded as a detto Cashf $280 and a cradit to Accounts Payable of 5280 The correcting entry is O Accounts Payable Cav Accounts Receivable Accounts Payable Cash Acourts Receivable Accounts Payable Cah Accounts Payable Accounts Receivable 820 140 200 540 290 200 1300 820 240
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