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List the double entry postings for each of the following transactions (you are only required to list the debit and the credit and do not have to open the “t” accounts).

1.Sold goods for €12,100 cash.
2.Purchased goods for €10,100 cash.
3.Paid wages of €4,100 by cheque.
4.Received cash of €1,400 in advertising income.
5.Bought a fixed asset for €12,000 and paid by cheque.
6.Sold goods on credit for €5,100.
7.Bought goods on credit for €3,200.
8.The owner invested a further €5,000 in the business by lodging a cheque for this amount in the company bank account.
9.€600 in depreciation is to be charged on machinery.
10.A bad debt of €100 is to be written off.
11.The bad debt provision is to be increased by €300.
12.The owner withdrew €500 from the business bank account for his personal use.
13.Received €1,200 from A Wright, a trade receivable.
14.Paid €520 to B Wrong, a trade payable.

2007-01-24 07:17:17 · 3 answers · asked by Anonymous in Business & Finance Personal Finance

3 answers

1. dr cash;cr sales
2. dr purchses; cr cash
3.dr wages expense; cr cash
4. dr cash;
5. dr fixed asset, cr cash
6. dr accounts receivable;cr sales
7. dr purchases; cr accounts payable
8. dr cash, cr revenue
9. no transaction, just a charge
10. dr, bad debt, cr provisions for bad debt
11.
12. dr owner withdrawals; cr cash
13. dr cash, cr accounts receivable
14. dr accounts payable; cr cash

2007-01-24 07:34:59 · answer #1 · answered by kr 1 · 0 0

Im not doing your damn assignment for you.

I will give you a clue though, any time something is purchased, its going to be credit to a purchase account, usually cash or accounts payable

2007-01-24 15:27:27 · answer #2 · answered by M O 6 · 0 0

I didn't check the other guy's answers to see if they're right, but the one he is missing is....

Bad debt expense (dr.)
Allowance for doubtful accounts (cr.)

2007-01-24 17:52:31 · answer #3 · answered by WildCat Guy 2 · 0 0

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