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Practice Questions Question 1 Q1. Complete the following table: \begin{tabular...
Oct 9, 2024
Let's complete the table based on the transactions provided. For each transaction, we need to identify which account is debited and which account is credited. Here’s how the table would look: Transactionamp;Account to be debitedamp;Account to be credited(a) Bought lorry for cash.amp;Lorry (Asset)amp;Cash (Asset)(b) Paid creditor, T. Lake, by chequeamp;Creditor (Liability)amp;Bank (Asset)(c) Repaid P. Logan’s loan by cash.amp;Loan Payable (Liability)amp;Cash (Asset)(d) Sold lorry for cash.amp;Cash (Asset)amp;Lorry (Asset)(e) Bought office machinery on credit from Ultra Ltd.amp;Office Machinery (Asset)amp;Creditor (Liability)(f) A debtor, A. Hill, pays us by cash.amp;Cash (Asset)amp;Debtor (Asset)(g) A debtor, J. Cross, pays us by cheque.amp;Bank (Asset)amp;Debtor (Asset)(h) Proprietor puts a further amount into the business by cheque.amp;Bank (Asset)amp;Capital (Equity)(i) A loan of $200 in cash is received from L. Lowe.amp;Cash (Asset)amp;Loan Payable (Liability)(j) Paid a creditor, D. Lord, by cash.amp;Creditor (Liability)amp;Cash (Asset) \begin{array}{l|l|l} \text{Transaction} & \text{Account to be debited} & \text{Account to be credited} \\ \hline (a) \text{ Bought lorry for cash.} & \text{Lorry (Asset)} & \text{Cash (Asset)} \\ \hline (b) \text{ Paid creditor, T. Lake, by cheque} & \text{Creditor (Liability)} & \text{Bank (Asset)} \\ \hline (c) \text{ Repaid P. Logan's loan by cash.} & \text{Loan Payable (Liability)} & \text{Cash (Asset)} \\ \hline (d) \text{ Sold lorry for cash.} & \text{Cash (Asset)} & \text{Lorry (Asset)} \\ \hline (e) \text{ Bought office machinery on credit from Ultra Ltd.} & \text{Office Machinery (Asset)} & \text{Creditor (Liability)} \\ \hline (f) \text{ A debtor, A. Hill, pays us by cash.} & \text{Cash (Asset)} & \text{Debtor (Asset)} \\ \hline (g) \text{ A debtor, J. Cross, pays us by cheque.} & \text{Bank (Asset)} & \text{Debtor (Asset)} \\ \hline (h) \text{ Proprietor puts a further amount into the business by cheque.} & \text{Bank (Asset)} & \text{Capital (Equity)} \\ \hline (i) \text{ A loan of \$200 in cash is received from L. Lowe.} & \text{Cash (Asset)} & \text{Loan Payable (Liability)} \\ \hline (j) \text{ Paid a creditor, D. Lord, by cash.} & \text{Creditor (Liability)} & \text{Cash (Asset)} \\ \hline \end{array} This table summarizes the accounts affected by each transaction. If you have any further questions or need clarification on any of the entries, feel free to ask!
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