Homework Answers
| General Ledger | Assets | Owner's Equity. | ||||
| Date | Account debited | Account credited | Effect | Reason | Effect | Reason |
| 21 | Drawings | Bank | -R570 | Cash decreases | -R570 | Owner's Withdrawals |
| 26 | Cash | Rent Receivable | +R1110 | Cash Increase | +R1110 | |
| -R1110 | Rent Receivable Crease | |||||
| 26 | Cash | Sales | +R2550 | Cash Increase | +R2550 | Sales Revenue |
| 29 | Telephone | Bank | -R421 | Cash decreases | -R421 | Telephone Expense |
| Water & Electricity | Bank | -R412 | Cash decreases | -R412 | Water & Electricity Expense | |
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Transactions
Activity 2.8 Analyse the following transactions according to the table below. An example has already...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense Transactions 01 M Eugan increased his capital contribu to R250 000. Was issued with receipt ne the amount directly into the busines business has a profit margin of 25%.) iral contribution from...
Analyse the following transactions according to the table below. An example has already been completed. (66)...
Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 01 M Eugan increased his capital contribu TO R250 000. Was issued with receipt no. 33. Hed the amount directly into the busi business has a profit margin of 25%.) receipt no. 33. He...
Activity 2.6 Analyse the transactions according to the table below. An cumple has already been completed....
Activity 2.6 Analyse the transactions according to the table below. An cumple has already been completed. Example Paid Ricky Traders for stationery purchased, R22. Account Account Assets credited Effect Reason Stationery Bank -22 Cash decreased Owner's Equity Effect Reason 22 Stationery expense Transactions 1. Bought merchandise to the value of R2 400 and issued a cheque for it. 2 Received goods of Ri 450 and issued a cheque for it. (6)
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been...
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been completed. Example Sold trading stock for cash, R120 (cost price R80) General Ledger No. Account Account debited credited e.q. Bank Sales Assets Effect Reason Owner's Equity Effect Reason +40 Profit earned + 120 -80 Cost of sales Trading stock Cash increased Trading stock decreased Transactions 1. Sold trading stock for cash, R230 (cost price R100). (10) 2. Issued a cash register slip for the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the entity Andromeda Lynx Enterprises. The entity uses the perpetual inventory system and all inventory is marked up at 50% on cost. 1. A Hatman, the owner, increased his capital contribution from R50 000 to R250 000. Cash sales of goods, R18 225. Purchased a second-hand delivery vehicle on credit, R65 000. Paid R3 000 to Ram Motors for fuel for the delivery vehicle. Purchased...
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of...
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal, $1,500. 6. Received telephone bill, $220. 7. Paid telephone bill, $220. Required: 1) In the table below, state the accounts affected...
1 Question 4 Fleming's Logistics Consulting has the following transactions during August Aug 1 Received $16,950...
1 Question 4 Fleming's Logistics Consulting has the following transactions during August Aug 1 Received $16,950 cash from the company's owner, Barbara Heming. 4 Paid rent in avance for three months, 34,110. 5 Purchased $500 of office supplies on account • Received from dients for services provided 17 Billed dients $1,000 for services provided 27 Paid secretary 950 salary. 29 Paid the company's owner, Barbara Fleming, 9970 cash for personal use. For each transaction indicate (a) the basic type of...
QUESTION 2 ACCOUNTING EQUATION; DEBTORS CONTROL (20 MARKS)2.1 REQUIRED ■ Show the effect of the following...
QUESTION 2 ACCOUNTING EQUATION; DEBTORS CONTROL (20 MARKS)2.1 REQUIRED ■ Show the effect of the following transactions of Suncoast Repairs on the Accounting equation.Use “+” to denote an increase, “−” to denote a decrease and “0” to denote no change to theelements of the equation. Follow the example given. ■ Assume that the bank balance is favourable at all times. Example: Paid for electricity by cheque, R1 000. TRANSACTIONS 2.1.1 Issued a cheque to Makro for the purchase of equipment,...
QUESTION 1 (21 marks) (25 minutes) Commence this question on a new (separate) page. The following...
QUESTION 1 (21 marks) (25 minutes) Commence this question on a new (separate) page. The following transactions for March 2012 pertain to AA Supermarket The entity applies a penodic inventory system and is not registered as a VAT vendor 2012 March 2 The owner, R Ngcobo, transferred his personal vehicle, with a value of R82 000, to the entity 5 Purchased inventory on credit from F Osman for R1 200 8 A debtor, B Gani who owed R2 000, was...
REQUIRED Show the effect of the following transactions of Cheshire Stores on the Accounting equation.Use “+” to denote a...
REQUIRED Show the effect of the following transactions of Cheshire Stores on the Accounting equation.Use “+” to denote an increase, “–” to denote a decrease and “0” to denote no change tothe elements of the equation. Copy the table in your answer book and follow the example given. Assume that the bank balance is favourable at all times. Example: Paid the telephone account by cheque, R800 No. Assets = Equity + Liabilities e.g. –R800 –R800 0 2.1.1 2.1.2 2.1.3 2.1.4...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense Transactions 01 M Eugan increased his capital contribu to R250 000. Was issued with receipt ne the amount directly into the busines business has a profit margin of 25%.) iral contribution from...
Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 01 M Eugan increased his capital contribu TO R250 000. Was issued with receipt no. 33. Hed the amount directly into the busi business has a profit margin of 25%.) receipt no. 33. He...
Activity 2.6 Analyse the transactions according to the table below. An cumple has already been completed. Example Paid Ricky Traders for stationery purchased, R22. Account Account Assets credited Effect Reason Stationery Bank -22 Cash decreased Owner's Equity Effect Reason 22 Stationery expense Transactions 1. Bought merchandise to the value of R2 400 and issued a cheque for it. 2 Received goods of Ri 450 and issued a cheque for it. (6)
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been completed. Example Sold trading stock for cash, R120 (cost price R80) General Ledger No. Account Account debited credited e.q. Bank Sales Assets Effect Reason Owner's Equity Effect Reason +40 Profit earned + 120 -80 Cost of sales Trading stock Cash increased Trading stock decreased Transactions 1. Sold trading stock for cash, R230 (cost price R100). (10) 2. Issued a cash register slip for the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the entity Andromeda Lynx Enterprises. The entity uses the perpetual inventory system and all inventory is marked up at 50% on cost. 1. A Hatman, the owner, increased his capital contribution from R50 000 to R250 000. Cash sales of goods, R18 225. Purchased a second-hand delivery vehicle on credit, R65 000. Paid R3 000 to Ram Motors for fuel for the delivery vehicle. Purchased...
6. Schultz Tax Services, a tax preparation business had the following transactions during the month of June: Example: Received cash the owner Schultz, $25,000. 1. Received cash for providing accounting services, $3,000. 2. Billed customers on account for providing services, $7,000. 3. Paid advertising expense, $800. 4. Received cash from customers on account, $3,800. 5. Owner made a withdrawal, $1,500. 6. Received telephone bill, $220. 7. Paid telephone bill, $220. Required: 1) In the table below, state the accounts affected...
1 Question 4 Fleming's Logistics Consulting has the following transactions during August Aug 1 Received $16,950 cash from the company's owner, Barbara Heming. 4 Paid rent in avance for three months, 34,110. 5 Purchased $500 of office supplies on account • Received from dients for services provided 17 Billed dients $1,000 for services provided 27 Paid secretary 950 salary. 29 Paid the company's owner, Barbara Fleming, 9970 cash for personal use. For each transaction indicate (a) the basic type of...
QUESTION 1 (21 marks) (25 minutes) Commence this question on a new (separate) page. The following transactions for March 2012 pertain to AA Supermarket The entity applies a penodic inventory system and is not registered as a VAT vendor 2012 March 2 The owner, R Ngcobo, transferred his personal vehicle, with a value of R82 000, to the entity 5 Purchased inventory on credit from F Osman for R1 200 8 A debtor, B Gani who owed R2 000, was...
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