Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is 100% on cost price. Use the transactions below
Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is 100% on cost price. Use the transactions below to show the influence on the accounting equation in the ANSWER BOOK. Example: Issue cheque for purchases of stationery, R100. Number Source GENENRAL LEDGER E.g. 7.1 TRANSACTIONS: 7.2 7.3 Document Account Account Assets Owner's Liabilities Debit Credit Equity -100 7.4 Cheque counterfoil Stationery Bank Cheque counterfoil: No: 0009 Date: 4 January 2009 To: Telkom For: Telephone Balance This Cheque Balance R C 560 00 -100 0 Issued a debit note to Yahoo Wholesalers for discount omitted on purchase of trading stock, R110. The owner, C. Dee, took trading stock to the value of R800,00 for his personal use. Received an invoice from City Vehicles for the purchase of a delivery vehicle, R70 000,00. (5) (5) (5) (5)
Step by Step Solution
★★★★★
3.41 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
Heres how the transactions affect the accounting equation 71 Cheque counterfoil Debit Telephone Expe...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started