Remember If an asset goes up you will DEBIT If owners equity account goes up you will CREDIT If a liability goes up you will CREDIT If its an income it will be credited If its an expense it will be debited please try fill in on my answer sheet if possible ) Question 4 (Marks 15) The following transactions entered into by Convenient Traders for June 2020 Ignore VAT Convenient Traders uses the periodic inventory system Mark up is 10 on selling price 1 The owner contributed R25 000 as additional capital 2 Sold trading inventory to S Singh on credit for R3 400 3 Paid salaries R40 000 for June 2020 via EFT 4 Sold trading inventory for cash R35 000 5 Purchased a vehicle for R70 000 on credit from XYZ Motors Required Show double entry account names for each of the transactions above and using the and signs, show how they will affect the accounting equation Example Paid telephone account, cash, R350 No Debit Account Name Credit Account Name Assets Eg Telephone Bank Owner's Equity Liabilities 350 350 Question 4 (Marks 15) No Debit Account Name Telephone Credit Account Name Assets Owner's equity 350 00 Labilities E Bank 350 00

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Remember   If an asset goes up you will DEBIT If owners equity account goes up you will CREDIT If a liability goes up you will CREDIT If its an income it will be credited If its an expense it will be debited please try fill in on my answer sheet if possible  ) Question 4 (Marks  15) The following transactions entered into by Convenient Traders for June 2020  Ignore VAT  Convenient Traders uses the periodic inventory system  Mark up is 10  on selling price  1  The owner contributed R25 000 as additional capital 2  Sold trading inventory to S  Singh on credit for R3 400 3  Paid salaries R40 000 for June 2020 via EFT  4  Sold trading inventory for cash R35 000  5  Purchased a vehicle for R70 000 on credit from XYZ Motors  Required  Show double entry account names for each of the transactions above and using the   and signs, show how they will affect the accounting equation  Example  Paid telephone account, cash, R350  No  Debit Account Name Credit Account Name Assets Eg  Telephone Bank Owner's Equity Liabilities 350 350 Question 4 (Marks  15) No  Debit Account Name Telephone Credit Account Name Assets Owner's equity  350 00 Labilities E   Bank  350 00

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Remember : If an asset goes up you will DEBIT If owners equity account goes up you will CREDIT If a liability goes up you

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