The transactions below are for the business Consulting Services Ltd owned by Jere Duckin. The business began on 1 September 20x8 and has been operating for one month.The following transactions took place in the month of September:

Requied:
1. For each transaction, identify the accounts that will be involved.
2. Use the blank T-accounts supplied on the following page to enter each transaction. You do not need to enter dates.

Transcribed Image Text:

20x8 Sept. 2 The owner's initial investment for the business to commence was $85,000 cash. 7 A small shop costing $50,000 was purchased and was paid for with a cheque. 14 Office equipment costing $14,500 was purchased and paid for with cash. 19 Shop fittings and furniture costing $5,600 were purchased on credit from Real Furniture Ltd. 28 A loan for $15,000 was obtained from a local branch of the NatWest Bank. The money was used to purchase a motor vehicle. The loan repayments begin on 1 December 20x8. 30 $3,000 was paid to Real Furniture Ltd for the fittings and furniture purchased on the 19th.