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need help completing task and balancing ledger Task 13 For the following transactions, complete the Transaction Analysis Chart. (Refer to Chapter 5 Accounting Principles Book
need help completing task and balancing ledger
Task 13 For the following transactions, complete the Transaction Analysis Chart. (Refer to Chapter 5 Accounting Principles Book One) Answer: Date Transaction 01/6 Initial capital paid into business bank account $35,000 02/6 Received money for a long-term loan $100,000 03/6 Paid business insurance premium $700 + $70 GST + $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 05/6 Interest received on bank account $25 (GST does not apply) 06/6 Service revenues earned in cash amounted to $2,000+$200 GST. 07/6 Commission revenue received $1200 + $120 GST 08/6 Paid cash for a vehicle $16,000+ $1,600 GST Account Name Account Type Bank Capital Loan Bank Insurance GST paid. Stamp duty Cash Interest Cash GST Commission GST Vehicle GST Asset Owner's equity Liability Asset/expense Asset Liability Expense Revenue Revenue Liability Revenue Liability Asset Liability Increase or Decrease I DR/CR
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