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Question textActivity 2.7 In the double entry system, each transaction affects at least two accounts. The following transactions are all CASH transactions, we therefore know that one account must be CASH, identify the OTHER account in that transaction.A cash inflow increases CASH, a cash outflow decreases CASH, this affects the ASSET section of the Accounting Equation A = L + OE + R - E. Keep this in mind, whatever you select must keep the equation in balance. [table] Transaction | Account; other than CASH Purchased Office Supplies for $150 cash | Answer 1 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Received $300 in cash from a customer for services provided | Answer 2 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Paid $200 in cash for electricity | Answer 3 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Owner withdrew cash for personal use | Answer 4 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles Purchased a motor vehicle for cash $20,000 | Answer 5 Question 5 InventoryAccounts receivableAccounts PayableOffice SuppliesCapitalDrawingsElectricityFeesMotor Vehicles [/table]

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Let’s walk through each transaction and identify the non-CASH account that balances the entry according to the double-entry rule. Option 1 (Office Supplies): The entry is 'Purchased Office Supplies for $150 cash.' Since cash is being paid out, the CASH account decreases. To keep the accounting equation balanced, the other side must be the asset or expense incurred by the purchase. Office Supplies is the appropriate asset/expense account that increases when you acquire supplies with cash, so this option correctl......Login to view full explanation

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Accounts are found in the Blank 1 Question 7[select: , General Ledger, T, analysed, Double Entry] . Accounts can be presented in the Blank 2 Question 7[select: , General Ledger, T, analysed, Double Entry] format or the columnar format. Once a transaction is Blank 3 Question 7[select: , General Ledger, T, analysed, Double Entry] , entries can be made to the related accounts and the Blank 4 Question 7[select: , General Ledger, T, analysed, Double Entry] rule followed. Each account has a name. To record a transaction in an account, the same Blank 5 Question 7[select: , Date, Particulars, Debit, Credit] is recorded in both accounts because they refer to the same transaction. In the Blank 6 Question 7[select: , Date, Particulars, Debit, Credit] column, write the name of the corresponding or other account so the two accounts cross reference to one another. The amount is written in the Blank 7 Question 7[select: , Date, Particulars, Debit, Credit] and Blank 8 Question 7[select: , Date, Particulars, Debit, Credit] column accordingly. For example, to record the transaction: “On 1 January, the owner contributes $10,000 cash as capital to start their business”. In the Cash at Bank Account below, the date is Jan 1, the corresponding account name is Capital, and the amount is 10,000 on the debit side. In the Capital Account below, the date is Jan 1, the corresponding account name is Cash at Bank, and the amount is 10,000 on the credit side. [table] Cash at Bank Account Blank 9 Question 7 DateParticularsDebitCredit | Blank 10 Question 7 DateParticularsDebitCredit | Blank 11 Question 7 DateParticularsDebitCredit $ | Date | Particulars | Credit $ Blank 12 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 13 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 14 Question 7 1 JanuaryCapital$10,000Cash at bank | | | | | | | | [/table] [table] Capital Account Date | Particulars | Debit $ | Blank 15 Question 7 DateParticularsDebitCredit | Blank 16 Question 7 DateParticularsDebitCredit | Blank 17 Question 7 DateParticularsDebitCredit $ | | | Blank 18 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 19 Question 7 1 JanuaryCapital$10,000Cash at bank | Blank 20 Question 7 1 JanuaryCapital$10,000Cash at bank [/table]

Using the table below, which columns are affected if the following transaction occurs 'Cash of $200 is received for passing go'.

Hangry Donuts is preparing to provide the catering for the launch of the startup UniRideShare. The business is owned by friends Sergeo, Grace and Ariadne. UniRideShare helps students get to uni by carpooling with other students. The business orders $3,250 worth of donuts for their launch event and is paying using the cryptocurrency Bitcoin.  Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ]

Hangry Donuts head baker is Jacqueline. She recommends that HD requires a larger oven and proposes that the owners take out a loan for $18,000 to purchase the new oven. The owners agree and a new oven is purchased. The bank pays the oven supplier directly for the equipment and begins the loan for HD. Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ]

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