Homework Check, Double Entry Accounting


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Sep 24, 2013
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You can choose from any of the following Accounts:
Accounts Payable, Accounts Receivable, Auditor Fees, Bank Account
Bank Loan, Car, Donations, Equipment Sales,
Fundraising, Inventory ,Office Expenses, Salaries

1. On Sept 1, Mary purchased $500 of clothing as inventory (to resell) from Sports Clothing Pty Ltd on credit.

Account||||||Dr ||| Cr
Inventory|||| 500
Bank Loan |||||||||| 500

2. On Sept 1, Timberwolf charities Inc. received a bill for $200 from Bell Canada.

Account|||||||||||||||||||||Dr ||| Cr
Office Expenses||||||200
Bank Account|||||||||||||||||||||||||||200

3. On Sept 1, Peter paid a salary of $2,500 to its Executive Director
.
Account|||||||||||||||||||||||| Dr ||| Cr
Salaries|||||||||||||||||||||||||2500
Accounts Payable||||||||||||||||||2500

4. On Sept 2, Timberwolf charities Inc. received a donation of $500 from Bank of Nova
Scotia.
Account||||||||||||||||Dr ||| Cr
Donations|||||||||||||500
Bank account||||||||||||||||500

5. On Sept 3, Timberwolf charities Inc. received $1,500 from Fundraising.
Account||||||||||||||||||||| Dr ||| Cr
Fundraising|||||||||||||||1500
Accounts Receivable|||||||||||||1500

6. On Sept 4, Timberwolf charities Inc. purchased a car costing $20,000, paid with a bank loan.
Account|||||||||Dr ||| Cr
Car|||||||||||||||||20000
Bank Loan ||||||||||||||20000

7. On Sept 5, Peter paid $1500 to outstanding creditors.
Account|||||||||||||||||Dr ||||||| Cr
Bank Loan||||||||||||1500
Accounts payable||||||||||||||||||1500


The first number is always the Dr. I couldnt get the post to format correctly. Dr is bold.
 
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