For the following transactions state which accounts should be debited, and which should be credited. (a) Private

Question:

For the following transactions state which accounts should be debited, and which should be

credited.

(a) Private car to be used in future within business.

(b) Wages paid by cash.

(d) Rental income received by cheque.

(e) Goods returned by J Spillane, a customer.

(f ) R Hinds lends the business £400 cash.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Basics

ISBN: 9780273725008

1st Edition

Authors: Frank Wood, Mr David Horner

See More Books

Question Posted: Mar 08, 2024 07:01 AM

See More Questions

For the following transactions state which accounts should be debited, and which should be credited. (a) Rent paid by cheque. (b) Goods for resale purchased for cash from S Barnes. (c) Goods sold on...
For the following transactions state which accounts should be debited, and which should be credited. (a) Insurance paid in cash. (b) Goods previously purchased returned to J Nesbit. (c) Cash banked....
For the following transactions state which accounts should be debited, and which should be credited. (a) Equipment bought on credit from M Sparks. (b) Motor car bought and payment made by cheque. (c)...
Write a Fortran program that creates an integer array with values -123, -4, 5, 67, 890, and 12345. Prints out the array in several formatted ways. a. Print each element, on its own line, using a...
Which region of the world has the largest concentration of poorest countries? Why are these countries so poor?
In the discussion of cubic equations of state (Section 4.3), it was stated that the vaporliquid dome could be constructed from a subcritical isotherm generated by the equation of state. The...
2. Prepare year-end journal entries for Mar as needed on December 31, 2016.
Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2010, for $530,000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.2 million. Any excess of...
lk nakit ak bugnden 3 yl sonra ve son nakit ak bugnden 22 yl sonra elde edilirse, yllk 2.000 $'lk yl sonu nakit aklarnn bugnk deeri nedir? 8'lik bir iskonto oran kullann
Will Pierce runs a small business. Construct the ledger accounts from the following transactions. 2014 1 August Pierce borrows 5,000 from K Johnson and places this into the bank. 1 August Pierce...
Write up in the following transactions in the double-entry accounts of J Jackson. 2008 1 September Jackson transfers 4,500 of his own money into the business bank account. 3 September Jackson...
Assume the mapping T: P 2 P 2 defined by is linear. Find the matrix representation of T relative to the basis B = {1, t, t}. T (ao + a + at) = 2 ao +(3 a + 4a)t + (5 ao 6a)t
A company determines that monthly sales S(t), in thousands of dollars, after t months of marketing a product is given by S(t) = 23-551 + 230t+ 160. a) Find S'(1), S'(2), and S'(4). b) Find S''(1),...
Dan is a 16 year-old who decided to skip his adolescent development class. If Dan was 19 years-old, this would be his choice, but because of his age, he has broken the law. What type of offence did...
You need to remove a bolt from a metal door. The maximum torque the bolt can withstand before starting to rotate is 7 = 70 N-m. You apply a wrench of m = 0.5 kg and 1 = 0.3 m long. You push down on...
Lesson 10.1: Emotional Intelligence Emotional Intelligence is a type of social intelligence that affords the individual the ability to monitor his own and others' emotions, to discriminate among...
Harriet??s annuity has a total cash value of $2000, and she has paid a total of $1,500 into it. Under a Section 1035 exchange, Harriet rolls the entire value of the annuity into a different annuity....
Assuming an 8 percent return, compounded monthly, how much would Barry (from Problem 1) have if he could invest an additional $1000 per year that his employer would match beginning at age 35? In...
Why is inventory management important for merchandising and manufacturing firms and what are the main tradeoffs for firms in managing their inventory?
Will the elimination of trade barriers between countries in Europe eliminate the need to consider submarkets of European consumers? Why or why not?
What and who is the U.S. government attempting to protect in its effort to preserve and regulate competition?
For each of the major laws discussed in the text, indicate whether in the long run the law will promote or restrict competition. As a consumer without any financial interest in business, what is your...
You borrowed $15,000 for buying a new car from a bank at an interest rate of 12% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the...
Discuss how debt restructuring, settlement, or modification works. Discuss the journal entries for debtor and creditor
Could CNL be a viable business? If so, under what conditions and what level of production (and, since production is directly related to production workers, employees)? All information provided for...

For the following transactions state which accounts should be debited, and which should be credited. (a) Private

Question:

Step by Step Answer:

Account to be debited Car b Wa...View the full answer

Frank Woods Business Accounting Basics

Students also viewed these Business questions