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Question textActivity 2.9 (Moodle) In the double entry system, each transaction affects at least two accounts. The following transactions are all CREDIT SALE or CREDIT SERVICE SALE transactions, we therefore know that one account must be a RECEIVABLE, identify the OTHER account in that transaction.A credit sale would be an increase in the RECEIVABLE which is an increase in 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 RECEIVABLE Sold inventory to a customer on credit for $500 | Answer 1 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Invoiced a client for consulting services provided $1000 | Answer 2 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsWagesFeesMotor VehiclesLoanCash Delivered goods to a retailer on credit for $2500 | Answer 3 Question 7 InventoryOffice StationeryBuildingOffice EquipmentSalesDrawingsDeliveryFeesMotor VehiclesLoanCash Completed a software installation for a business on credit for $3000 | Answer 4 Question 7 InventoryOffice StationeryBuildingComputer SoftwareSalesDrawingsWagesFeesMotor VehiclesLoanCash Delivered training session to a company on credit for $800 | Answer 5 Question 7 InventoryStaff TrainingBuildingComputer SoftwareSalesDrawingsWagesFeesMotor VehiclesLoanCash [/table]

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We’re given five transactions where the sale or service is on credit, so the receivable is debited in each journal entry and the other account must be a revenue account. Below, I’ll walk through each transaction and explain why the selected option fits and why the other possibilities wouldn’t. Transaction 1: Sold inventory to a customer on credit for $500 - Correct choice: Sales - Why: A credit sale of inventory generates revenue, which increases the Sales (or Revenue) account. The corresponding entry is Debit Accounts Receivable (Asset) for $500 and Credit Sales for $500. In a basic recording, the cost of the goods sold would also be recorded elsewhere (debit COGS, credit Inventory), but the question asks specifically for the other account apart from Receivable, which in this context is Sales. - Why ......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'.

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