Question: Remember : If an asset goes up you will DEBIT If owners equity account goes up you will CREDIT If a liability goes up you

Remember :

If an asset goes up you will DEBIT

If owners equity account goes up you will CREDIT

If a liability goes up you will CREDIT

If its an income it will be credited

If its an expense it will be debited

Remember : If an asset goes up you will DEBIT If

owners equity account goes up you will CREDIT If a liability goes

please try fill in on my answer sheet if possible :)

Question 4 (Marks: 15) The following transactions entered into by Convenient Traders for June 2020. Ignore VAT. Convenient Traders uses the periodic inventory system. Mark up is 10% on selling price. 1. The owner contributed R25 000 as additional capital 2. Sold trading inventory to S. Singh on credit for R3 400 3. Paid salaries R40 000 for June 2020 via EFT. 4. Sold trading inventory for cash R35 000. 5. Purchased a vehicle for R70 000 on credit from XYZ Motors. Required: Show double-entry account names for each of the transactions above and using the + and signs, show how they will affect the accounting equation. Example: Paid telephone account, cash, R350. No. Debit Account Name Credit Account Name Assets Eg. Telephone Bank Owner's Equity Liabilities 350 350 Question 4 (Marks: 15) No. Debit Account Name Telephone Credit Account Name Assets Owner's equity -350.00 Labilities E.. Bank -350.00

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