Choose the most appropriateanswer1.16. Identify the most relevant transaction for this entry:AssetsOwners' EquityLiabilities+50 000+50 000A. Bought inventory on credit R50 000.B. Sold inventory on credit R50 000.C.Sold inventory on credit R50 000.D.Cash paid to creditors R50 000.7. For every debit entry there must be a credit entry.A.Principle of entityB.Principle of historical costC.Principle of materialityD.Principle of double entry8. These are the books of Mica Stores as at 28 February 2021.Vehicles R300 000, Accumulated depreciation R50 000. Depreciation is calculated at 10%on cost. An old vehicle was disposed on 31 August 2019 at R20 000 cash.The vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000.Depreciation for the disposed vehicle isA.R2 500B.R1 250C.R2 000D.R500

Hi student Since there are multiple question, we will answer only first question. If you want…

Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A.Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C. Sold inventory on credit R50 000. D.Cash paid to creditors R50 000.

Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A.Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C. Sold inventory on credit R50 000. D.Cash paid to creditors R50 000.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 1M

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Question

Choose the most appropriate
answer
1.1
6. Identify the most relevant transaction for this entry:
Assets
Owners' Equity
Liabilities
+50 000
+50 000
A. Bought inventory on credit R50 000.
B. Sold inventory on credit R50 000.
C.Sold inventory on credit R50 000.
D.Cash paid to creditors R50 000.
7. For every debit entry there must be a credit entry.
A.Principle of entity
B.Principle of historical cost
C.Principle of materiality
D.Principle of double entry
8. These are the books of Mica Stores as at 28 February 2021.
Vehicles R300 000, Accumulated depreciation R50 000. Depreciation is calculated at 10%
on cost. An old vehicle was disposed on 31 August 2019 at R20 000 cash.
The vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000.
Depreciation for the disposed vehicle is
A.R2 500
B.R1 250
C.R2 000
D.R500

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