Complete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.
Complete the columns to show the effect of the following transactions: Transaction Asset Liability Capital (a) Bought a motor Van on credit $500 (b) Repaid by cash a loan owed to P Smith $1,000 (c) Bought goods for $150 paying by cheque (d) The owner puts a further $5,000 cash into the business (e) A debtor returns to us $80 goods. we agree to make an allowance for them (f) Bought goods on credit $220 (g) The owner takes out $100 cash for his personal use.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
Related questions
Question
Complete the columns to show the effect of the following transactions:
| Transaction | Asset | Liability | Capital |
|
(a) Bought a motor Van on credit $500 |
|||
|
(b) Repaid by cash a loan owed to P Smith $1,000 |
|||
|
(c) Bought goods for $150 paying by cheque |
|||
|
(d) The owner puts a further $5,000 cash into the business |
|||
|
(e) A debtor returns to us $80 goods. we agree to make an allowance for them |
|||
|
(f) Bought goods on credit $220 |
|||
|
(g) The owner takes out $100 cash for his personal use. |
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