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QUESTION 2 [20 Points] For each of the following, state the double entry required to record the transaction in the accounts: a) Sam Owiredu invests
QUESTION 2 [20 Points] For each of the following, state the double entry required to record the transaction in the accounts: a) Sam Owiredu invests GHS1000000 of his life savings into his business bank account. b) He then buys goods from Naa Kwaku, a supplier for GHS100000 and pays by cheque. c) A sale is made for GHS40000 - the customer pays by cheque. d) Sam Owiredu makes a sale for GHS60000 and the customer promises to pay in the future. e) Sam Owiredu then buys goods from his supplier, Debby Dell, for GHS50000 on credit. f) Sam Owiredu pays a telephone bill of GHS15000 by cheque. g) The credit customer pays the balance on her account. h) Sam Owiredu pays Debby Dell GHS34000. 1) Bank interest of GHS3000 is received. 1) A cash customer returned GHS2000 goods to Sam Owiredu for a refund. k) Sam Owiredu sent goods of GHS10000 back to Debby Dell
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