Complete the gaps in the columns to show the effects of the following transactions: (16) Effects upon: Assets Equity Liabilities e.g Started a business with N$ 50000 in the bank +50000 +50000 +0 a) We pay a creditor N$7000 in cash b) Bought fixtures N$20000 paying by cheque c) Bought a vehicle on credit N$27500 d) The Proprietor introduces another N$20000 into the firm e) J Katoma lends the firm N$20000 in cash f) A debtor pays us N$ 5000 by cheque g) We sell goods for N$ 20000 cash h) Paid rent N$5000 by cheque
Complete the gaps in the columns to show the effects of the following transactions: (16) Effects upon: Assets Equity Liabilities e.g Started a business with N$ 50000 in the bank +50000 +50000 +0 a) We pay a creditor N$7000 in cash b) Bought fixtures N$20000 paying by cheque c) Bought a vehicle on credit N$27500 d) The Proprietor introduces another N$20000 into the firm e) J Katoma lends the firm N$20000 in cash f) A debtor pays us N$ 5000 by cheque g) We sell goods for N$ 20000 cash h) Paid rent N$5000 by cheque
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 2E: Determine the following amounts: a. The amount of the liabilities of a business that has 60,800 in...
Related questions
Topic Video
Question
Complete the gaps in the columns to show the effects of the following
transactions: (16)
Effects upon:
Assets Equity Liabilities
e.g Started a business with N$ 50000 in the
bank
+50000 +50000 +0
a) We pay a creditor N$7000 in cash
b) Bought fixtures N$20000 paying by cheque
c) Bought a vehicle on credit N$27500
d) The Proprietor introduces another N$20000
into the firm
e) J Katoma lends the firm N$20000 in cash
f) A debtor pays us N$ 5000 by cheque
g) We sell goods for N$ 20000 cash
h) Paid rent N$5000 by cheque
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning