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  • ACCG1000 In-Class Activity W4

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    Tanya Shaik
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    This document outlines various transactions undertaken by John for his new business over the month of January. It records the date, details of each transaction, and their impact on the accounting equation through increases or decreases to different accounts via debits and credits. Key transactions include John contributing $15,000 cash on opening the business, purchasing computer equipment for $3,500 cash, buying office supplies on credit, providing a quote but no transaction, withdrawing $1,000 cash, and paying the supplies account.

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    accounting practices, this is a worksheet on closing entries and ethics

    Original Title

    ACCG1000 in-class activity W4

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    This document outlines various transactions undertaken by John for his new business over the month of January. It records the date, details of each transaction, and their impact on the accounting equation through increases or decreases to different accounts via debits and credits. Key transactions include John contributing $15,000 cash on opening the business, purchasing computer equipment for $3,500 cash, buying office supplies on credit, providing a quote but no transaction, withdrawing $1,000 cash, and paying the supplies account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    23 views1 page

    ACCG1000 In-Class Activity W4

    Uploaded by

    Tanya Shaik
    This document outlines various transactions undertaken by John for his new business over the month of January. It records the date, details of each transaction, and their impact on the accounting equation through increases or decreases to different accounts via debits and credits. Key transactions include John contributing $15,000 cash on opening the business, purchasing computer equipment for $3,500 cash, buying office supplies on credit, providing a quote but no transaction, withdrawing $1,000 cash, and paying the supplies account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    SOLUTION TO IN-CLASS ACTIVITY

    Jan Transactional details Accounting equation


    impact and double
    entry effect
    1 John contributed $15,000 cash to Increase assest Increase equity
    commence the business (cash) debit (capital) credit
    $15,000 $15,000
    3 Purchased computer equipment for $3,500 Increase assets Increase cash
    cash from ComputerLand Ltd debit $3,500 credit $3,500
    11 Purchased office supplies for $550 on Increase assets Increase
    credit from Omega Officeworks (supplies) debit liabilitoies
    $550 (accounts
    payable) credit
    $550
    18 John provided a quote for $4,500 to the No transaction No transaction
    local primary school to provide tennis
    coaching to the school’s students every
    Thursday afternoon for 3 months
    28 John withdrew $1,000 cash from the Decrease equity Decrease assets
    business to pay for his daughter’s wedding (drawings) debit (cash) credit
    $1,000 $1,000
    30 Paid Omega Officeworks for office supplies Decrease liability Decrease assets
    purchased on January 11 above, (accounts (cash) credit
    payable) debit

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