Homework Check, Double Entry Accounting

Discussion in 'Exams and Studying' started by Cameron92, Sep 24, 2013.

  1. Cameron92

    Cameron92

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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.
     
    Last edited: Sep 24, 2013
    Cameron92, Sep 24, 2013
    #1
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  2. Cameron92

    Cameron92

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    Bump, this is due tomorrow, PLEASE HELP!!!
     
    Cameron92, Sep 25, 2013
    #2
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