.Fill in accounting subjects16%

1. The owner starts the business by transferring 10,000 into the business bank account.

Effects of Transaction

1) The business asset ( ) goes up in value to 10,000

2) The business ( ) (amount owing to owner) goes up to 10,000.

2.The business buys 1,000 of books (goods/stock/inventory) paying by cheque

Effects of Transaction

1) The business asset ( ) goes down by 1,000,

2) The business asset ( ) goes up by 1,000.

3. The business buys a delivery van for 5,000 paying by cheque

Effects of Transaction

1) The business asset ( ) goes down by 5,000,

2) The business asset ( ) goes up by 5,000.

4. The business buys 3,000 of goods on credit

Effects of Transaction

1) The business asset ( ) goes up by 3,000,

2) The business liability ( ) goes up by 3,000.

5. A customer buys 1,000 of goods on credit

Effects of Transaction

1) The business asset ( ) goes down by 1,000,

2) The business asset ( ) goes up by 1,000.

6. The owner takes 1,000 from the business bank for personal (not business) use.

Effects of Transaction

1) The business asset ( ) goes down by 1,000,

2) The amount owing to the owner ( ) goes down 1,000.

7.The customer who bought on credit gives the business a cheque for 500.

Effects of Transaction

The business asset ( ) goes up by 500,

2) The business asset ( ) goes down 500.

8.The business gives a cheque for 1,500 to the supplier (accounts payable)

Effects of Transaction

1) The business asset ( ) goes down by 1,500,

2) The business liability ( ) goes down 1,500.