Show the debit and credit accounts of the following transactions in the ledger and what effect (i.e., income/decrease) they have on assets, liabilities, capital, income and expenses.

The first one is done as an illustration. L01

(a) Pay wages of £7,000 Debit effect Wages: increases an expense Credit effect Bank: decreases an asset

b) Introduces £10,000 capital by way of a cheque.

c) Buys a hotel £9,000 by cheque.

d) Pays electricity £300.

e) Sales £9,000 cash.

(f) Purchases £3,000 on credit from A. Taylor.

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