. . . 10. Write up the following transactions in the T- accounts Started business with $30.000 in the bank. Withdrew $16.000 cash from the bank and placed in the cash box. Bought an office machinery paying by cheque $2.000 Bought an equipment $3.000 on credit from D.Johnson Company. Paid the amount owing to D.Johnson Company $1.000 by cheque. Bought goods on credit from T.Jones $ 4.000 Sold goods for cash $1.000. Paid insurance by cheque $ 1.600 Sold goods on credit to R. Martin $3.000 Paid wages by cash $ 400 R. Martin returned goods to us $600 Received cheque $2.000 from R.Martin We returned goods to T.Jones $800 Paid Money owing to T.Jones by cheque $3.200 $2.000 cash is received for commissions earned by business The owner takes 5200 cash out of the business for his her private use . 6. Which of the following statements is correct? Effect upon Assets - Bank a. a + Cash We paid creditor by cheque b. A debtor paid us $ 90 in cash c. J Hall lends us $500 by cheque d. Bought goods on credit Liabilities - Accounts payable + Account receivable -Loan from Hall + Capital + Bank Inventory 7. Complete the gaps in the following table. Accounts To record Entry the account Assets Liabilities An increase A decrease An increase A decrease An increase A decrease Capital