Purchased R62 000 worth of trading inventory on credit. Day Transaction details 1 3 Paid for maintenance and repairs, R23 000 cash. 5 8 10 12 15 18 19 Paid R3 500 to transport inventory from the supplier. Paid with cash. Sold goods with a selling price of R48 000 for cash. The trading stock originally cost R26 500. Purchased a new printer for the office, the R3 200 owing was put on the company's account. Purchased soft drinks for refreshment after a staff meeting. Paid R320 from the petty cash box. Received R11 600 from Daniel, a debtor. Paid Komson suppliers, a creditor R55 000 of the balance owing. The owner withdrew R2 500 cash from the business for personal use.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....
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Question

Analyse the effect of the following transactions that took place in the books of Johnson’s 
Ltd in June 2023 on the accounting equation using the format below: 
Example: 
The owner withdrew R1000 from the business bank account to buy a necklace for his 
son on his birthday. 
Transaction day  
Account 
debited 
Assets = 
Owner’s equity  
Example 
Account 
credited 
Drawings Bank  -R1000  

Liabilities -R1000

Purchased R62 000 worth of trading inventory on credit.
Day
Transaction details
1
3
Paid for maintenance and repairs, R23 000 cash.
5
8
10
12
15
18
19
Paid R3 500 to transport inventory from the supplier. Paid with cash.
Sold goods with a selling price of R48 000 for cash. The trading stock
originally cost R26 500.
Purchased a new printer for the office, the R3 200 owing was put on the
company's account.
Purchased soft drinks for refreshment after a staff meeting. Paid R320 from
the petty cash box.
Received R11 600 from Daniel, a debtor.
Paid Komson suppliers, a creditor R55 000 of the balance owing.
The owner withdrew R2 500 cash from the business for personal use.
Transcribed Image Text:Purchased R62 000 worth of trading inventory on credit. Day Transaction details 1 3 Paid for maintenance and repairs, R23 000 cash. 5 8 10 12 15 18 19 Paid R3 500 to transport inventory from the supplier. Paid with cash. Sold goods with a selling price of R48 000 for cash. The trading stock originally cost R26 500. Purchased a new printer for the office, the R3 200 owing was put on the company's account. Purchased soft drinks for refreshment after a staff meeting. Paid R320 from the petty cash box. Received R11 600 from Daniel, a debtor. Paid Komson suppliers, a creditor R55 000 of the balance owing. The owner withdrew R2 500 cash from the business for personal use.
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