Below are some transactions relating to Wo-B3te-Dwee Enterprise for the month of July. For each transaction,...
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Below are some transactions relating to Wo-B3te-Dwee Enterprise for the month of July. For each transaction, state clearly, the effect on the accounting equation. (i) Started business with cash at bank of GH$5,000, premises worth GH 4,500, and machinery worth GH¢3,200 (ii) Bought a van on credit GH¢10,700. (iii) Repaid by cash a loan owed to Cal Bank Ltd GH¢10,000. (iv) Bought goods for GH¢1,400 with cheque. (v) The owner puts a further GH¢4,000 cash into the business. (vi) A debtor returns GH¢150 goods to the business. (vii) Bought goods on credit GH¢760. (viii) The owner took out GH¢200 cash for his personal use (ix) Paid a creditor GH¢1,150 by cheque. (x) Sold goods worth GH¢850 for GH¢950. (xi) Received an interest of GH¢35 on the business' bank account. Below are some transactions relating to Wo-B3te-Dwee Enterprise for the month of July. For each transaction, state clearly, the effect on the accounting equation. (i) Started business with cash at bank of GH$5,000, premises worth GH 4,500, and machinery worth GH¢3,200 (ii) Bought a van on credit GH¢10,700. (iii) Repaid by cash a loan owed to Cal Bank Ltd GH¢10,000. (iv) Bought goods for GH¢1,400 with cheque. (v) The owner puts a further GH¢4,000 cash into the business. (vi) A debtor returns GH¢150 goods to the business. (vii) Bought goods on credit GH¢760. (viii) The owner took out GH¢200 cash for his personal use (ix) Paid a creditor GH¢1,150 by cheque. (x) Sold goods worth GH¢850 for GH¢950. (xi) Received an interest of GH¢35 on the business' bank account.
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To analyze the effect of each transaction on the accounting equation we need to understand the basic accounting equation which states Assets Liabiliti... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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