Ron Knuckle set up a business selling keep fit equipment, trading under the name of Buy Your Biceps Shop. He put $7.000 of his own money into a business bank account (transaction A) and in his first period of trading, the following transactions occurred. Transactions:
B: Paid rent of shop for the period: $3.500.
C: Purchased equipment (inventories) on credit: $5.000.
D: Raised loan from bank: $1.000.
E: Purchase of shop fittings (for cash): $2.000.
F: Sales of equipment cash: $10.000.
G: Sales of equipment, on credit: $2.500.
H: Payments for trade accounts payable: $5.000.
I: Payments from trade accounts receivable: $2.500.
J: Interest on loan (paid): $100.
K: Other expenses (all paid in cash):$1.900.
L: Drawings: $ 1.500.
Required: Identify the debit and the credit entries in the above transactions.
IF YOU CAN SHOW ME THE WAY PLEASE
Answers: 3
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Ron Knuckle set up a business selling keep fit equipment, trading under the name of Buy Your Biceps...
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