Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 3 (6 marks) A manager at Stalemate, a chess business retailing chess boards and providing chess lessons, requires help with interpreting some of the

image text in transcribed
image text in transcribed
QUESTION 3 (6 marks) A manager at Stalemate, a chess business retailing chess boards and providing chess lessons, requires help with interpreting some of the accounting transactions that took place during the month of September 2020. The manager has provided you with a list of those transactions below. Required: Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction. (6 marks) Date Account titles (Details) Dr (5) C (5) 2/9/2020 Cash Accounts Receivable GST Collected Service Revenue 3,000 2,500 500 5,000 Answer here: 3/9/2020 Wages Payable Cash 6,500 Answer here: 6,500 15/9/2020 Chess boards GST Pald Accounts Payable Cash 10,000 1,000 5,000 5,100 Answer here: 30/9/2020 Accounts Payable Bank Loan 15,000 Answer here: 15,000 30/9/2020 Rent Expense Prepaid Rent 2.000 Answer here 2,000 30/9/2020 Unearned Revenue Service Revenue 10,000 Answer here 10,000 Page 4 of 11 ana QUESTION 3 (6 marks) A manager at Stalemate, a chess business retailing chess boards and providing chess lessons, requires help with interpreting some of the accounting transactions that took place during the month of September 2020. The manager has provided you with a list of those transactions below. Required: Underneath each transaction in the space provided, write a brief narration describing the economic event that corresponds to that transaction. (6 marks) Date Account titles (Details) Dr (5) C (5) 2/9/2020 Cash Accounts Receivable GST Collected Service Revenue 3,000 2,500 500 5,000 Answer here: 3/9/2020 Wages Payable Cash 6,500 Answer here: 6,500 15/9/2020 Chess boards GST Pald Accounts Payable Cash 10,000 1,000 5,000 5,100 Answer here: 30/9/2020 Accounts Payable Bank Loan 15,000 Answer here: 15,000 30/9/2020 Rent Expense Prepaid Rent 2.000 Answer here 2,000 30/9/2020 Unearned Revenue Service Revenue 10,000 Answer here 10,000 Page 4 of 11 ana

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

More Books

Students also viewed these Accounting questions