Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Show the double entry for the following transactions and state the effect of each of the transactions on the accounting equation. An example

Question 1

Show the double entry for the following transactions and state the effect of each of the transactions on the accounting equation. An example has been given as below:

Transactions

Effect

Double entry

Cash sales

Cash increase

Dr Cash A/C

Sales increase

Cr Sales A/C

Transactions

Effect

Double entry

1. Bought fixtures and fittings for the shop in cash.

Fixtures and fitting increase

2. Paid rent for the shop by cash

3. Owner transferred a computer from business to home.

4. A loan of RM 2,000 is received by cash from Salwa.

5. Sold goods on credit to Ali for RM 1,000.

6. Purchased goods on credit from Abu.

7. Paid Arif in cash.

8. Ali returned goods to the company.

9. Paid carriage outwards by cheque amounting RM 500.

10. Received sales commission from ABC company by cheque.

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_2

Step: 3

blur-text-image_3

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

Survey of Accounting

Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor

4th edition

77862376, 978-0077862374

More Books

Students also viewed these Accounting questions

Question

Describe some variables used to measure the value added of HRM

Answered: 1 week ago

Question

Critically evaluate research on the HRMperformance relationship

Answered: 1 week ago