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Transactions (1) Purchased £1,000 of supplies on credit. (2) Purchased £15,000 equipment for £10,000 cash and £5,000 note. (3) Received £25,000 cash for consulting service to be performed next month. (4) At 31 December, the company paid £12,000 cash for December's rent. (5) Received £14,000 cash for £4,000 consulting service and £10,000 rental

Transactions (1) Purchased £1,000 of supplies on credit. (2) Purchased £15,000 equipment for £10,000 cash and £5,000 note. (3) Received £25,000 cash for consulting service to be performed next month. (4) At 31 December, the company paid £12,000 cash for December's rent. (5) Received £14,000 cash for £4,000 consulting service and £10,000 rental

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Acc112
QUESTION 1 Please indicate the effect/impact of each transaction on the relevant accounts. Please follow the example shown. EXAMPLE: (1) Owner invested £20,000 cash in the business ANSWER: (1) Cash increased by £20,000. Owner capital increased by £20,000. Transactions (1) Purchased £1,000 of supplies on credit. (2) Purchased £15,000 equipment for £10,000 cash and £5,000 note. (3) Received £25,000 cash for consulting service to be performed next month. (4) At 31 December, the company paid £12,000 cash for December's rent. (5) Received £14,000 cash for £4,000 consulting service and £10,000 rental. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt QUESTION 2 !! !!!
Transcribed Image Text:QUESTION 1 Please indicate the effect/impact of each transaction on the relevant accounts. Please follow the example shown. EXAMPLE: (1) Owner invested £20,000 cash in the business ANSWER: (1) Cash increased by £20,000. Owner capital increased by £20,000. Transactions (1) Purchased £1,000 of supplies on credit. (2) Purchased £15,000 equipment for £10,000 cash and £5,000 note. (3) Received £25,000 cash for consulting service to be performed next month. (4) At 31 December, the company paid £12,000 cash for December's rent. (5) Received £14,000 cash for £4,000 consulting service and £10,000 rental. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt QUESTION 2 !! !!!
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