The following transactions occurred in Sondela Dealers accounting books during or prior to the first month of operations. 1.1 Enter all transactions on T-account. 1.2 Balance the T-accounts at the end of August 2013 Operation transactions: The owner, Mr. S Smith invests R250 000 of his own money in the business. He borrows R140 000 from DBA Bank for the company. He pays R220 000 per EFT for the buildings. He buys furniture and equipment for R61 600. R21 600 of this was cash and the rest is still outstanding as accounts payable. He buys R15 800 linen on credit.
The following transactions occurred in Sondela Dealers accounting books during or prior to the first month of operations. 1.1 Enter all transactions on T-account. 1.2 Balance the T-accounts at the end of August 2013 Operation transactions: The owner, Mr. S Smith invests R250 000 of his own money in the business. He borrows R140 000 from DBA Bank for the company. He pays R220 000 per EFT for the buildings. He buys furniture and equipment for R61 600. R21 600 of this was cash and the rest is still outstanding as accounts payable. He buys R15 800 linen on credit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions occurred in Sondela Dealers accounting books during or prior to the first month of operations.
1.1 Enter all transactions on T-account.
1.2 Balance the T-accounts at the end of August 2013
Operation transactions:
The owner, Mr. S Smith invests R250 000 of his own money in the business.
He borrows R140 000 from DBA Bank for the company.
He pays R220 000 per EFT for the buildings.
He buys furniture and equipment for R61 600.
R21 600 of this was cash and the rest is still outstanding as accounts payable.
He buys R15 800 linen on credit.
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