Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Q & A for Accounting effect or equation
Description: this is how to answer problematic question on accounting effect or equation in table. it is super duper easy.
Description: this is how to answer problematic question on accounting effect or equation in table. it is super duper easy.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Question and answer: Accounting effects
Question 1
July
Transactions
1
Opened up a boutique selling hand-bags with capital of $80,000 in bank and $10,000
cash
...
3
6
Received an invoice from Bonbag Supplier for the purchased of 30 units of latest Bon
hand-bags amounting to $12,000 with credit term 5/15 n45
10
Linda purchased a hand-bag for her and her mother costing $3,600 paying by cash and
on the same day, the business issued a debit note to Bonbag Supplier for the damaged
hand-bags costing $2,000
...
28
The business made full settlement to Bonbag Supplier on July 28 by cheque
28
Owner took cash of $1,500 to buy a hand-bag from her boutique as a birthday present
for her sister
Required:
Show the effects of the above transactions on the accounting equation
...
Olsen invests $30,000 in cash to start a cleaning and laundry business
...
6
Purchased supplies (detergent and fabric softener) for $1,400 cash
...
14
Cash receipts from customers for cleaning and laundry services amounted to $2,400
...
19
Billed the Local Football Team $1,000 for cleaning and laundry services
...
26
Ali Baba withdrew $1,000 from the business for his living expenses
...
Solution 2
Date
Assets
1
5
+30,000
+20,000
-5,000
-1,400
-300
+2,400
6
8
14
16
19
23
26
= Liabilitie
s
+
Owner’s Equity
Capital - Drawings + Revenues
+30,000
Expenses
+15,000
-1,400
-300
+2,400
+2,000
+1,000
-500
-1,000
-
+2,000
+1,000
-500
-1,000
Title: Q & A for Accounting effect or equation
Description: this is how to answer problematic question on accounting effect or equation in table. it is super duper easy.
Description: this is how to answer problematic question on accounting effect or equation in table. it is super duper easy.