会计实务练习题答案-201103.docx

2.1 For each of the follow ing tran sacti ons, you are required to in dicate: The items (ledger accou nts) affected by the tra nsacti on. Whether the items are A, L, R, E or OE. Whether the items have in creased or decreased as a result of the tran sacti on. The amou nt to be recorded in each ledger accou nt. Tran sacti ons: Amou nt ($) 1/6/XX. Cash paid in by owner to comme nee bus in ess. 40,000 2/6/XX. Paid for freight. 2,000 8/6/XX. Bought goods for cash. 4,000 10/6/XX. Sold goods on credit to C. Colli ns 6,000 11/6/XX. Paid for advertisi ng. 2,500 12/6/XX. Bought stock on credit from D. Drake. 5,000 14/6/XX. Received commissi on. 1,000 18/6/XX. Paid rates and taxes 800 19/6/XX. Sold stock for cash. 3,500 20/6/XX. Bought furniture on credit from Fine Furnishings Pty Ltd. 10,500 22/6/XX. Borrowed from the bank. 10,000 24/6/XX. Owner withdrew cash for pers onal use. 4,000 28/6/XX. Received amou nt owi ng from C. Colli ns. ? 30/6/XX. Paid amount owing to D. Drake. ? SOLUTION: Transaction Ledger Accounts Affected A, L, R, E, OE Increase(I) or Decrease(D) Amount ($) 1/6/XX Capital OE I 40,000 Cash at Bank A I 40,000 2/6/XX Freight E I 2,000 Cash at Bank A D 2,000 8/6/XX Purchases E I 4,000 Cash at Bank A D 4,000 10/6/XX Sales R I 6,000 Trade debtor -Collins A I 6,000 11/6/XX Advertis ing E I 2,500 Cash at Bank A D 2,500 12/6/XX Purchases E I 5,000 Trade creditor - Drake L I 5,000 14/6/XX Commissio n reve nue R I 1,000 Cash at Bank A I 1,000 18/6/XX Rates and taxes E I 800  Cash at Bank A D 800 19/6/XX Sales R I P 3,500 Cash at Bank A I 3,500 20/6/XX Furniture A I , 10,500 Sundry creditor -F.F. L I 10,500 22/6/XX Loa n from bank L I , 10,000 Cash at Bank A I 10,000 24/6/XX Draw ings OE D 4,000 Cash at Bank A D 4,000 28/6/XX Cash at Bank A I , 6,000 Trade debtor -Collins A D 6,000 30/6/XX Cash at Bank A D , 5,000 Trade creditor - Drake L D 5,000 2.2 For each of the follow ing tran sacti ons, you are required to in dicate: The items (ledger accou nts) affected by the t