Question
1) A company is established, the owners provide 30,000. This amount is immediately deposited into the companys banks checking account. * B Debit: Cash /
1) A company is established, the owners provide 30,000. This amount is immediately deposited into the companys banks checking account. *
B Debit: Cash / Banks (ASSET) Credit: Capital (Owners Equity) Amount = 30,000
2. Costs for setting up the business for 800, were paid from the bank account *
C Debit: Start up costs (ASSET) Credit: Banks (ASSET) Amount = 800
3. A local bank granted us a long-term loan of 100.000 that was deposited in our bank account. *
C Debit: Cash (ASSET) Credit: Long- term bank loan (LIABILITY) Amount = 100,000
4. Acquisition of Machinery valued at 22,000, amount due in 30 days. *
D Debit: Machinery (ASSET) Credit: Accounts Payable / Creditors (LIABILITY) Amount = 22,000
5. Sale of merchandise on open account (60 days): 5,000. *
D Debit: Accounts receivable (ASSET) Credit: Sales of Merchandise (REVENUE) Amount = 5,000
6. The company receives the invoice for the energy expenses of the actual period (300). The invoice will be paid in 30 days. *
A Debit: Enery (EXPENSE) Credit: Accounts Payable (LIABILITY) Amount = 300
7. Payment to suppliers of Machinery 22,000. (Transaction 4) *
C Debit: Accounts Payable / Creditors (LIABILITY)) Credit: Machinery (ASSET) Amount = 22,000
8. One customer pays the amount due ( 5,000) by bank transfer *
B Debit: Banks (ASSET) Credit: Accounts Receivable (ASSET) Amount = 5,000
9. The company receives the repair invoice of our machinery (200). This amount is paid from our bank account *
A Debit: Repaid and maintenance (EXPENSE) Credit: Banks (ASSET) Amount = 200
10. Purchase of merchandise (1.500) on credit (60 days): *
D Debit: Purchase of Merchandise (EXPENSE Credit: Accounts Payable (LIABILITY) Amount = 1,500
11. Payment to the suppliers of the previous transaction by check *
A Debit: Purchase of Merchandise (EXPENSE) Credit: Banks (ASSET) Amount = 1,500
B Debit: Accounts payable (LIABILITY) Credit: Banks (ASSET) Amount = 1,500
C Debit: Accounts Payable (LIABILITY)) Credit: Purchase of Merchandise (REVENUE) Amount = 1,500
D Debit: Purchase of Merchandise (EXPENSE Credit: Accounts Payable (LIABILITY) Amount = 1,500
Regarding the trial balance of the exercise. The sum of the first two columns (SUMs Columns) value equals: *
A Amount =188,300 (Debit and Credit Column)
B Amount =135,300 (Debit and Credit Column)
C Amount =188,300 (Debit Column) and 135,300 (Credit Column)
D Amount =135,300 (Debit Column) and 188,300 (Credit Column)
E Amount = 175.000 (Debit and Credit Column)
F Amount = 175.300 (Debit and Credit Column)
Regarding the trial balance of the exercise. The sum of the last two columns (BALANCE Columns) value equals: *
A Amount =188,300 (Debit and Credit Column)
B Amount =135,300 (Debit and Credit Column)
C Amount =188,300 (Debit Column) and 135,300 (Credit Column)
D Amount =135,300 (Debit Column) and 188,300 (Credit Column)
E Amount = 125.000 (Debit and Credit Column)
F Amount = 125.300 (Debit and Credit Column)
11. Payment to the suppliers of the previous transaction by check
A Debit: Purchase of Merchandise (EXPENSE) Credit: Banks (ASSET) Amount = 1,500
B Debit: Accounts payable (LIABILITY) Credit: Banks (ASSET) Amount = 1,500
C Debit: Accounts Payable (LIABILITY)) Credit: Purchase of Merchandise (REVENUE) Amount = 1,500
D Debit: Purchase of Merchandise (EXPENSE Credit: Accounts Payable (LIABILITY) Amount = 1,500
12. Regarding the trial balance of the exercise. The sum of the first two columns (SUMs Columns) value equals:
A Amount =188,300 (Debit and Credit Column)
B Amount =135,300 (Debit and Credit Column)
C Amount =188,300 (Debit Column) and 135,300 (Credit Column)
D Amount =135,300 (Debit Column) and 188,300 (Credit Column)
E Amount = 175.000 (Debit and Credit Column)
F Amount = 175.300 (Debit and Credit Column)
13. Regarding the trial balance of the exercise. The sum of the last two columns (BALANCE Columns) value equals:
A Amount =188,300 (Debit and Credit Column)
B Amount =135,300 (Debit and Credit Column)
C Amount =188,300 (Debit Column) and 135,300 (Credit Column)
D Amount =135,300 (Debit Column) and 188,300 (Credit Column)
E Amount = 125.000 (Debit and Credit Column)
F Amount = 125.300 (Debit and Credit Column)
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