Question

ACC2201 FINANCIAL ACCOUNTING I T2 The Accounting Equation (Part 3: Balance-off accounts) 4.3A Prepare the double entries (not the T-accounts) for the following transactions using the format Date July Account name Account name Started in business with £5,000 in the bank and £1,000 cash. 2 Bought stationery by cheque £75. 3 Bought goods on time from T. Smart £2,100. 4 Sold goods for cash £340. 5 Paid insurance by cash f290. 7 Bought a computer on time from J. Hott £700. 8 Paid expenses by cheque 132 10 Sold goods on time to C. Biggins £630. 11 Returned goods to T. Smart £550. 14 Paid wages by cash £210. 17 Paid rent by cheque £225. 20 Received cheque £400 from C. Biggins. 21 Paid J. Hott by cheque £700. 23 Bought stationery on time from News Ltd £125. 25 Sold goods on time to F. Tank [645. 31 Paid News Ltd by cheque £125. 444

anyone please help.

Answer 1

All the entries have been shown below

Credit Date Particulars 1-Jul Bank A/C Cash a/c Capital A/C Debit 5000 1000 14-Jul Wages a/c 210 Cash a/c 210 6000 75 225 2-Jul Stationary a/c Bank a/c 17-Jul Rent a/c Bank a/c 225 2100 400 3-Jul Purchases A/C T.Smart 20-Jul Bank a/c C. Biggins a/c 2100 400 340 700 4-Jul Cash a/c Sales a/c 21-Jul J. Hott Bank A/C 340 700 290 125 5-Jul Insurance a/c Cash a/c 23-Jul Stationary a/c News Ltd a/c 290 125 700 645 7-Jul Computer a/c J. Hott a/c 25-Jul F. Tank a/c Sales a/c 700 645 32 125 8-Jul Expenses a/c Bank a/c 31-Jul News Ltd a/c Bank a/c 125 630 10-Jul C. Biggins a/c Sales a/c 630 550 11-Jul T. Smart Purchase return a/c 550