ccount for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).

ccount for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

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Purchased goods for £1,000 paid by bank transfer. The correct transaction will be: Debit: ---------- Credit: bank--------------
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what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP Bank