Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 2 Identify the debit and credit account for each transaction below. Mr Dean started business with $ 3 0 0 0 0 in cash.

QUESTION 2
Identify the debit and credit account for each transaction below.
Mr Dean started business with $30000 in cash.
Bought goods on credit from B San $2000.
Sold goods on credit to D Dan $5000.
Sold gods for cash $2000.
D Dan returned us goods $500.
Goods returned to B San $500.
Paid office employees' salaries by cheque $3000.
Dean put a further $10000 into business bank account as additional capital.
Paid cheque $1800 to B San in full settlement of his account.
Dean withdrew from business bank account $500 for personal use.
\table[[Transaction,Account to be Debited,Account to be],[1,,Ces],[2,,],[3,,],[4,,],[5,,],[6,,],[7,,],[8,,],[9,,],[10,,]]
image text in transcribed

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

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

1st Edition

1844802655, 9781844802654

More Books

Students also viewed these Accounting questions