Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are the transactions of Kristines business during her first month of trading. (a) Kristine starts a business and pays in $5,000 as capital

The following are the transactions of Kristines business during her first month of trading.

(a) Kristine starts a business and pays in $5,000 as capital

(b) The business buys a car for $1,000 cash

(c) They buy goods for resale for $500 cash

(d) They buy more goods for resale for $600 on credit (Accounts Payable) from Mr A

(e) They pay rent (Expense) of $200 cash

(f) They sell half the goods for $800 cash

(g) They sell the remaining goods on credit for $900 to Mrs X

(h) They pay $400 cash on account of the amount owing to Mr A

(i) They receive $500 from Mrs X

(j) Kristine withdraws $100 cash from the business

Required: Record each transaction in Double Entry Bookkeeping System:

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

Financial Accounting

Authors: Thomas Dyckman, Robert Magee, Glenn Pfeiffer

3rd Edition

1934319600, 978-1934319604

More Books

Students also viewed these Accounting questions