NOExampleACCOUNT ACCOUNTDEBITEDTelephone BankASSETS-200OWNER'S LIABILITIESEQUITY-200Note - Show the double entry (debit and credit general ledger names), as well asthe effect on the accounting equation, for each transaction, in the columnsprovided. Ensure that you use the + and - signs to show the effect on theequation as marks will be allocated for these. Starlight Traders is a gift shop in Johannesburg.Starlight Traders uses the perpetual inventory system to record Inventorytransactions.VAT can be ignored on all transactions.The following transactions took place in the month of January 2022:NO12LU45TRANSACTIONOwner contributed cash R200 000Purchased goods for cash R10 000Sold goods with a selling price of R1 000 cashCost price of goods R500Paid R300 for an advert in the local newspaperThe owner took goods for personal use. The selling priceof the goods is R500. The goods are marked up by 100%.Analyse each of the above transactions and complete the table as follows:Example: Paid R200 for Telephone Account.

Accounting equation is one of fundamental concept being used in accounting. Three important elements…

VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: NO 1 2 m 4 5 TRANSACTION Owner contributed cash R200 000 Purchased goods for cash R10 000 Sold goods with a selling price of R1 000 cash Cost price of goods R500 Paid R300 for an advert in the local newspaper The owner took goods for personal use. The selling price of the goods R500. The goods are marked up by 100%. Analyse each of the above transactions and complete the table as follows: Example: Paid R200 for Telephone Account.

VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: NO 1 2 m 4 5 TRANSACTION Owner contributed cash R200 000 Purchased goods for cash R10 000 Sold goods with a selling price of R1 000 cash Cost price of goods R500 Paid R300 for an advert in the local newspaper The owner took goods for personal use. The selling price of the goods R500. The goods are marked up by 100%. Analyse each of the above transactions and complete the table as follows: Example: Paid R200 for Telephone Account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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