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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.
Transcribed Image Text:Activity 2.3.1 - Double Entry Transactions
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.
A purchase of office equipment on credit.
Paid off R3 000 on a bank loan.
Business owner took R1 000 out the business bank
account for personal use.
Received a bank statement with a positive interest
amount of R50.
Customer bought R4 000 worth of inventory on
credit. (Assume perpetual inventory system)
Transcribed Image Text:Customer bought R4 000 worth of inventory on
credit. (Assume perpetual inventory system)
Paid R100 cash for electricity
Paid a supplier R5000 on your account.
Paid weekly wages from petty cash
Bought office supplies with petty cash
Sold 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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