Put your knowledge of the double-entry accounting system to the test Choose one transaction and show which accounts are affected by the transaction, according to the double entry system. Activity 2.3.1 - Double Entry TransactionsTransactionDouble Entry AccountsYou start a business and open a business bankaccount. You transfer R10 000 from your personalaccount to the business account.You purchase trading inventory stock for R5000cash. (Assume perpetual inventory system)Cashed a cheque for R1 000 to be used for pettycash.A purchase of office equipment on credit.Paid off R3 000 on a bank loan.Business owner took R1 000 out the business bankaccount for personal use.Received a bank statement with a positive interestamount of R50.Customer bought R4 000 worth of inventory oncredit. (Assume perpetual inventory system) Customer bought R4 000 worth of inventory oncredit. (Assume perpetual inventory system)Paid R100 cash for electricityPaid a supplier R5000 on your account.Paid weekly wages from petty cashBought office supplies with petty cashSold merchandise to the value of R5 000 for cash(Assume perpetual inventory system)Paid a creditor's account off with cash.

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Transaction Double Entry Accounts You start a business and open a business bank account. You transfer R10 000 from your personal account to the business account. You purchase trading inventory stock for R5000 cash. (Assume perpetual inventory system) Cashed a cheque for R1 000 to be used for petty cash.

Transaction Double Entry Accounts You start a business and open a business bank account. You transfer R10 000 from your personal account to the business account. You purchase trading inventory stock for R5000 cash. (Assume perpetual inventory system) Cashed a cheque for R1 000 to be used for petty cash.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 59BPSB

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