DOUBLE ENTRY WORKSHEET

1. Summarize the following entries by using double entry system.

2018 Transactions Account to Account to

be debited be credited
Sept 2 Sold inventory for cash $4000
Sept 10 Sold inventory $300 receiving a cheque payment
Sept 20 Sold inventory to Mark Garments on credit $280
Sept 22 Purchased goods on credit $700 from Aslam Traders
Sept 23 Paid motor expenses in cash $56
Sept 25 Sold goods to Mason on credit $4500
Sept 25 Rent received in cash 2 000
Sept 30 Rent received by cheque 500

2. Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed

the following assets and liabilities:
$
Machinery 7200
Trade receivables 800
Inventory 1300
Other payables 830
Creditors 510
Cash 180
Bank (debit balance) 250
Calculate Ji Lui’s owner’s equity on 31 December 2018.
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On 1 January 2019, the following transactions took place:
i) Ji Lui paid salaries for December 2018 in cash $319.
ii) He paid insurance expenses by cheque $400
iii) He received commission by cash $200
iv) He bought goods on credit from ABC Company $1300
v) He sold goods on credit to John $ 450
vi) Paid $1300 by cheque to ABC Company.

State the double entry needed to record each transaction.

Account to be debited $ Account to be credited $

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 ECONOMICS WORKSHEET

6. list three features of a market economic system.

7. Explain what is meant by a market economic system.
8. state the 3 costs and 4 benefits of operating a market economic system.

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