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- 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.On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will a .make a compound entry. b make a simple entry. c use two journal entries. d list the credit entries first, which is proper form for this type of transaction.A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
- Issued a cheque for repairs to the vehicle, R12 000. please record in the accounting equation.Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?Purchased stationery on credit from P.Radebe for R100.What effect will it have on the accounting equation.
- When passing a journal entry for this transaction what would be credit? "Bought delivery truck on cash for $17,000." Sales Revenue A/c Cash A/c Delivery Truck A/c Owner's Equity A/cPost the following Transactions into General Journal. On November 01, 2019 Ali Raza started Motor business with Rs. 500,000. On November 03, 2019 Purchase Furniture for Cash Rs. 10,000. On November 08, 2019 Purchase Land on account worth of Rs. 200,000. On November 13, 2019 sold motors on account for Rs. 100,000. On November 23, 2019 Owner withdrew Rs. 20,000 for personal use.What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his business, paid 11% down payment, and finances the remainder with a note. Debit SUV, $50,000, credit cash $5,500, credit accounts payable $44,500 Debit SUV, $50,000, credit cash $5,500, credit accounts receivable $44,500 Debit SUV, $50,000, credit cash $5,500, credit notes payable $44,500 Debit SUV, $50,000, credit cash $50,000
- Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa purchased $136,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $87,250.Standard credit card charges Cars Plus a fee of 3% of the sale. Oct. 24 Standard remits payment to Cars Plus, less any fees. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places.if cash 1350000, Purchased additional printing machine worth 75000, 75% of the amount were recorded as credit while the remaining 25% paid in cash. Find the current balance of cashYou returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
