Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The owner of GS Electricians, Mr Gizmo Smith, deposited R10 000 on 1 March 20.1 as opening capital into the business bank account after obtaining
The owner of GS Electricians, Mr Gizmo Smith, deposited R10 000 on 1 March 20.1 as opening capital into the business bank account after obtaining a personal loan from LG Bank Which of the following represents the correct general ledger entries and effect on the accounting equation? L A E A. General ledger Account debited Loan Account credited Capital +R10 000 0 +R10 000 L = A E B. General ledger Account debited Bank Account credited Capital 0 +R10 000 +R10 000 L = A E C. General ledger Account debited Loan Account credited Capital +R10 000 0 +R10 000 L = E D. General ledger Account debited Capital Account credited Bank 0 +R10 000 +R10 000 L E E. General ledger Account debited Capital Account credited Bank 0 -R10 000 -R10 000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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