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Question textActivity 2.8 In the double entry system, each transaction affects at least two accounts. The following transactions are all CREDIT PURCHASE transactions, we therefore know that one account must be a PAYABLE or LOAN, identify the OTHER account in that transaction.A credit purchase would be an increase in the Payable or Loan which is an increase in the LIABILITY 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 PAYABLE or LOAN Invoiced for purchase of inventory from a supplier for $500 | Answer 1 Question 6 Accounts receivableBuildingOffice EquipmentInventorySalesDrawingsWagesFeesMotor VehiclesLoanCash Purchased a building with a loan $100,000 | Answer 2 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoan Purchased office equipment on credit $2000 | Answer 3 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoan Employees not yet paid from last week; $5,000 owing | Answer 4 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Received repairs and maintenance on business vehicle from Tip Top Auto Services, on credit $800 | Answer 5 Question 6 InventoryAccounts receivableBuildingOffice EquipmentSalesDrawingsWagesRepairs & MaintenanceFeesMotor VehiclesLoanCash [/table]

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The question asks to identify, for each credit purchase transaction, the account that is not PAYABLE or LOAN and which would be affected alongside the liability increase. Option 1 corresponds to the first transaction: 'Invoiced for purchase of inventory from a supplier for $500'. In a credit purchase of inventory, the asset Inventory increases while the liability Payable increases, so Inventory is the correct 'other accoun......Login to view full explanation

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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 ]

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