On 2 January 20.7, AC Entity commenced with activities and during January 20.7 the entity incurred the following transactions:1. On 2 January 20.7, the owner made the property that AC Entity utilises available for theexclusive use of the entity. The property was registered in the owner’s name a few days before2 January 20.7. The purchase price of the property was R1 200 000 (R200 000 for the land andR1 000 000 for the buildings).2. On 2 January 20.7, the owner opened a cheque account for the entity and deposited R1 800000 in the account.3. On 2 January 20.7, furniture and equipment to the amount of R225 000 was ordered. Thesupplier, Payable K, delivered the furniture and equipment on 5 January 20.7 to AC Entity’spremises. The invoice price is R225 000 and it was agreed with Payable K to pay the outstandingamount on 30 January 20.7.4. Trade inventories to the amount of R20 000 was ordered on 7 January 20.7 and it was agreedwith Payable L that the outstanding amount will be paid 30 days after delivery. On 25 January20.7, Payable L delivered the trade inventories to AC Entity’s premises. The invoice price is R20000 and the invoice reflects that the amount is payable on 24 February 20.7.5. On 30 January 20.7, the amount due to Payable K was paid.Required:a) Open appropriate accounts and record the transactions into the accounts. ents.pdfX%202%20Activity%201.pdfAsk Bing AlBUnit 2 Double entry rules.pdf XUnit 2-collaborate question sol X+1 of 1 2On 2 January 20.7, AC Entity commenced with activities and during January 20.7 the entityincurred the following transactions:Required:UNIT 2 Activity 1.pdf1. On 2 January 20.7, the owner made the property that AC Entity utilises available for theexclusive use of the entity. The property was registered in the owner's name a few days before2 January 20.7. The purchase price of the property was R1 200 000 (R200 000 for the land andR1 000 000 for the buildings).2. On 2 January 20.7, the owner opened a cheque account for the entity and deposited R1 800000 the account.A X P3. On 2 January 20.7, furniture and equipment to the amount of R225 000 was ordered. Thesupplier, Payable K, delivered the furniture and equipment on 5 January 20.7 to AC Entity'spremises. The invoice price is R225 000 and it was agreed with Payable K to pay the outstandingamount on 30 January 20.7.+4. Trade inventories to the amount of R20 000 was ordered on 7 January 20.7 and it was agreedwith Payable L that the outstanding amount will be paid 30 days after delivery. On 25 January20.7, Payable L delivered the trade inventories to AC Entity's premises. The invoice price is R20000 and the invoice reflects that the amount is payable on 24 February 20.7.5. On 30 January 20.7, the amount due to Payable K was paid.Oa) Open appropriate accounts and record the transactions into the accounts.

The process of recording, classifying, and compiling a company's financial transactions during a…

On 2 January 20.7, AC Entity commenced with activities and during January 20.7 the entity incurred the following transactions: 1. On 2 January 20.7, the owner made the property that AC Entity utilises available for the exclusive use of the entity. The property was registered in the owner’s name a few days before 2 January 20.7. The purchase price of the property was R1 200 000 (R200 000 for the land and R1 000 000 for the buildings). 2. On 2 January 20.7, the owner opened a cheque account for the entity and deposited R1 800 000 in the account. 3. On 2 January 20.7, furniture and equipment to the amount of R225 000 was ordered. The supplier, Payable K, delivered the furniture and equipment on 5 January 20.7 to AC Entity’s premises. The invoice price is R225 000 and it was agreed with Payable K to pay the outstanding amount on 30 January 20.7. 4. Trade inventories to the amount of R20 000 was ordered on 7 January 20.7 and it was agreed with Payable L that the outstanding amount will be paid 30 days after delivery. On 25 January 20.7, Payable L delivered the trade inventories to AC Entity’s premises. The invoice price is R20 000 and the invoice reflects that the amount is payable on 24 February 20.7. 5. On 30 January 20.7, the amount due to Payable K was paid. Required: a) Open appropriate accounts and record the transactions into the accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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On 2 January 20.7, AC Entity commenced with activities and during January 20.7 the entity
incurred the following transactions:
1. On 2 January 20.7, the owner made the property that AC Entity utilises available for the
exclusive use of the entity. The property was registered in the owner’s name a few days before
2 January 20.7. The purchase price of the property was R1 200 000 (R200 000 for the land and
R1 000 000 for the buildings).
2. On 2 January 20.7, the owner opened a cheque account for the entity and deposited R1 800
000 in the account.
3. On 2 January 20.7, furniture and equipment to the amount of R225 000 was ordered. The
supplier, Payable K, delivered the furniture and equipment on 5 January 20.7 to AC Entity’s
premises. The invoice price is R225 000 and it was agreed with Payable K to pay the outstanding
amount on 30 January 20.7.
4. Trade inventories to the amount of R20 000 was ordered on 7 January 20.7 and it was agreed
with Payable L that the outstanding amount will be paid 30 days after delivery. On 25 January
20.7, Payable L delivered the trade inventories to AC Entity’s premises. The invoice price is R20
000 and the invoice reflects that the amount is payable on 24 February 20.7.
5. On 30 January 20.7, the amount due to Payable K was paid.
Required:
a) Open appropriate accounts and record the transactions into the accounts.

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