Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

DOUBLE ENTRY (10 MARKS) CHOOSE THE ACCOUNT TO BE DEBITED AND CREDITED. The owner took some inventories 1 point of RM120 for home use. *

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
DOUBLE ENTRY (10 MARKS) CHOOSE THE ACCOUNT TO BE DEBITED AND CREDITED. The owner took some inventories 1 point of RM120 for home use. * . O Dr Drawings, Cr Purchases Dr Drawings, Cr Inventories Dr Purchases, Cr Inventories Dr Purchases, Cr Drawings Paid advertising by cheque. 1 point Dr Advertising, Cr Cheque Dr Cheque, Cr Advertising Dr Bank, Cr Advertising O Dr Advertising, Cr Bank 1 point Credit purchases from BEE Trading. O Dr Purchases, Cr BEE Trading Dr Bank, Cr Purchases Dr BEE Trading, Cr Inventory O Dr Purchases, Cr Inventory 1 point Made payment to creditor by cheque. * O Dr Account Payables, Cr Bank Dr Account Receivables, Cr Bank O Dr Bank, Cr Account Payable O Dr Bank, Cr Account Receivable Received commission by cash. * 1 point Dr Cash, Cr Commission received Dr Commission received Cr Bank Dr Cash, Cr Commission expenses O Dr Bank, Cr Commission expenses Sold goods by cheque to Zahirah. 1 point * Dr Bank, Cr Zahirah Dr Bank, Cr Sales Dr Zahirah, Cr Bank O Dr Inventory, Cr Sales Deposited cash into bank. * 1 point Dr Cash, Cr Bank Dr Bank, Cr Cash Dr Cash, Cr Capital Dr Bank, Cr Capital Borrowed RM10,000 from bank. * 1 point Dr Bank, Cr Account receivable Dr Bank, Cr Loan from bank Dr Account receivable, Cr Loan from bank Dr Loan from bank, Cr Bank 1 point Bought machinery from Tech Supplies by credit.* Dr Machinery, Cr Bank Dr Bank, Cr Machinery Dr Machinery, Cr Tech Supplies Dr Purchases, Cr Tech Supplies 1 point Customer returned wrong inventory to business. * Dr Return Inwards, Cr Account Payables Dr Account Payables, Cr Return Outwards Dr Account Receivables, Cr Return Outwards Dr Return Inwards, Cr Account Receivables

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

From Fish Hook To Audit Tool An Autobiography

Authors: Aftab Alam Khan

1st Edition

1099497515, 978-1099497513

More Books

Students also viewed these Accounting questions

Question

Develop clear policy statements.

Answered: 1 week ago

Question

Draft a business plan.

Answered: 1 week ago

Question

Describe the guidelines for appropriate use of the direct plan.

Answered: 1 week ago