For each of the business transactions listed below, you are to enter in the Workbook: a the
Question:
For each of the business transactions listed below, you are to enter in the Workbook:
a the account name, with debit account first b if the account entry is a debit or credit c the chart of account group name; that is CA, NCA, CL, NCL, OE, R, E d if the entry is an increase or decrease to the account balance.
The business transactions are:
– dishonour of cheque received from customer
– remitted rent to landlord
– interest revenue charged on customer’s overdue account
– purchased motor vehicle by electronic transfer of funds
– remittance received from a credit customer with discount
– commenced business with bank machinery and motor vehicle
– purchased computer on credit
– stationery purchased by debit card
– supplier charged interest on overdue account
– sale of inventory on credit; periodic inventory applies
– cash sale of inventory on credit; perpetual inventory applies
– owner took stock for private use; periodic inventory applies
– stock withdrawn by owner for personal use; perpetual inventory applies.
Step by Step Answer:
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson