You have been presented with the following information for Bubble Traders that transpired during the month...
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You have been presented with the following information for Bubble Traders that transpired during the month of July 2023. Date 1 3 5 9 Transaction The owner contributed an amount of R75 000 cash, as well as motor vehicle valued at R60 000 to the business. Bubble Traders purchased trading inventory for R11 666 on credit from Chain Suppliers. The insurance premium of R4 514 was paid through the electronic funds transfer (EFT). A cash sale amounting to R35 714 was made, the goods were originally purchased at a cost of R30 285. 13 15 Bubble Traders settled their account with Chain Suppliers in full by cash. Sold goods on account to a customer, Mr. Bitcoin for R10 214. The goods were originally purchased at a cost of R9 142. 18 19 27 30 Required: Purchased trading inventory amounting to R14 714 for cash. Purchased a building in cash for R100 142. Made electronic payments for the workers' salaries and wages amounting to R18 000. Received a payment of R10 214 from Mr. Bitcoin, a debtor. Show the effects of the transactions incurred by Bubble Traders during the month of July 2023 on the accounting equation. Clearly indicate which account needs to be debited or credited. Ignore VAT and answer this question by using the format of the table provided on the next page. 60 ANNEXURE E-FORMATIVE ASSESSMENT 1 HFOA100-1-JULY-DEC2023-FA1-GT-V2-25072023 Example: Paid for repairs and maintenance amounting to R11 000 cash. Date Account Debited e.g. Repairs and maintenance Account Credited Assets = Equity + -R11 000 Liabilities Bank -R11 000 You have been presented with the following information for Bubble Traders that transpired during the month of July 2023. Date 1 3 5 9 Transaction The owner contributed an amount of R75 000 cash, as well as motor vehicle valued at R60 000 to the business. Bubble Traders purchased trading inventory for R11 666 on credit from Chain Suppliers. The insurance premium of R4 514 was paid through the electronic funds transfer (EFT). A cash sale amounting to R35 714 was made, the goods were originally purchased at a cost of R30 285. 13 15 Bubble Traders settled their account with Chain Suppliers in full by cash. Sold goods on account to a customer, Mr. Bitcoin for R10 214. The goods were originally purchased at a cost of R9 142. 18 19 27 30 Required: Purchased trading inventory amounting to R14 714 for cash. Purchased a building in cash for R100 142. Made electronic payments for the workers' salaries and wages amounting to R18 000. Received a payment of R10 214 from Mr. Bitcoin, a debtor. Show the effects of the transactions incurred by Bubble Traders during the month of July 2023 on the accounting equation. Clearly indicate which account needs to be debited or credited. Ignore VAT and answer this question by using the format of the table provided on the next page. 60 ANNEXURE E-FORMATIVE ASSESSMENT 1 HFOA100-1-JULY-DEC2023-FA1-GT-V2-25072023 Example: Paid for repairs and maintenance amounting to R11 000 cash. Date Account Debited e.g. Repairs and maintenance Account Credited Assets = Equity + -R11 000 Liabilities Bank -R11 000
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Heres the effects of the transactions incurred by Bubble Traders during the mon... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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