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  • FAC1502 - STUDY UNIT 3 - ETUTOR QUESTION - SOLUTIONs

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    Nomcebo Buthelezi
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    The document outlines the basic accounting equation of Assets = Equity + Liabilities using a general ledger with debit and credit columns. On day 4, assets increased by R1,200 from a service fee, increasing equity by the same amount. On day 10, expenses of R350 were incurred on advertising, increasing liabilities. On day 15, tools and equipment worth R8,500 were purchased, increasing assets with no effect on equity or liabilities.

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    FAC1502_STUDY UNIT 3_ETUTOR QUESTION_SOLUTIONs

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    The document outlines the basic accounting equation of Assets = Equity + Liabilities using a general ledger with debit and credit columns. On day 4, assets increased by R1,200 from a service fee, increasing equity by the same amount. On day 10, expenses of R350 were incurred on advertising, increasing liabilities. On day 15, tools and equipment worth R8,500 were purchased, increasing assets with no effect on equity or liabilities.

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    © All Rights Reserved
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    18 views1 page

    FAC1502 - STUDY UNIT 3 - ETUTOR QUESTION - SOLUTIONs

    Uploaded by

    Nomcebo Buthelezi
    The document outlines the basic accounting equation of Assets = Equity + Liabilities using a general ledger with debit and credit columns. On day 4, assets increased by R1,200 from a service fee, increasing equity by the same amount. On day 10, expenses of R350 were incurred on advertising, increasing liabilities. On day 15, tools and equipment worth R8,500 were purchased, increasing assets with no effect on equity or liabilities.

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    BASIC ACCOUNTING EQUATION & DOUBLE ENTRY SYSTEM

    QUESTION 1

    Date Assets = Equity + Liability General ledger accounts


    R R R
    Dr Cr
    Trade
    4 + 1 200 + 1 200 0 receivables Service fees
    control/L Logo

    Advertising
    10 0 - 350 + 350 expenses Credit card: Bank

    - 8 500 Tools and


    15 + 8 500 0 0 Bank
    equipment
    Trade
    - 700 receivables
    20 0 0 Bank
    + 700 control/L Logo

    22 + 4 050 + 4 050 0 Bank Service fees

    23 - 450 - 450 0 Drawings Inventory


    Trade payables
    28 + 3 000 0 + 3 000 Inventory control/Wires Inc

    30 - 5 000 - 5 000 0 Wages Bank

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