ASSETEXPENSESLIABILITIESCAPITALREVENUES(i)67,50085,70050,50053,70049,000(ii)92,0007,0008,00021,00070,000(iii)112,00085,000200171,00025,800(iv)7,9002,2503,2002,7504,200(v)32,5006,6007,20026,2005,700a) State the journal entries using the format given as in the picure EXAMPLEJournal entryDr Motor vehicleCr BankTransactionEffectIncrease AssetPurchased a motor vehicle and paid by chequeDecrease AssetTransactionStarted a business with cash and leasehold premises.Sold goods to AC Bhd on credit.Motor van repairs being paid by cash.Returned goods bought on credit to an account payable.Received commission revenue by cheque.Bought machinery and paid only half of the amount by cheque.EffectJournal entry134

Journal entry: It implies to the recording of financial transactions in the company's primary book,…

Answered: EXAMPLE Journal entry Dr Motor vehicle…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section2.3: Analyzing How Transactions Affect Owner’s Equity Accounts

Problem 1OYO

See similar textbooks

Related questions

Question

	ASSET	EXPENSES	LIABILITIES	CAPITAL	REVENUES
(i)	67,500	85,700	50,500	53,700	49,000
(ii)	92,000	7,000	8,000	21,000	70,000
(iii)	112,000	85,000	200	171,000	25,800
(iv)	7,900	2,250	3,200	2,750	4,200
(v)	32,500	6,600	7,200	26,200	5,700

a) State the journal entries using the format given as in the picure

EXAMPLE
Journal entry
Dr Motor vehicle
Cr Bank
Transaction
Effect
Increase Asset
Purchased a motor vehicle and paid by cheque
Decrease Asset
Transaction
Started a business with cash and leasehold premises.
Sold goods to AC Bhd on credit.
Motor van repairs being paid by cash.
Returned goods bought on credit to an account payable.
Received commission revenue by cheque.
Bought machinery and paid only half of the amount by cheque.
Effect
Journal entry
1
3
4

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions