Question

Give journal entries for this transaction Sell goods for cash for $60.
Pay insurance premium by cheque-$400. Sell goods for $250-the customer will pay in
Pay $50 petrol for the delivery van. Buy $170 goods for resale on credit. a month.
$57 of goods for resale, paying by cheque.
Buys $57 Buy another $40 goods for resale, paying cash.
Buy a new computer for the business for $800, paying cash.
Receives a bank loan of $5,000.
Pays $2,600 for fixtures and fittings​

Answer 1

Answer:

cash a/c Dr.

To sales

Insurance premium a/c Dr.

To bank

coustomer/ Debtor a/c Dr.

To sales

indirect expenses a/c Dr

To cash

purchase A/C DR

TO CREDITOR

COMPUTER A/C DR

TO CASH

FURNITURE AND FITTING A/C DR.

TO CASH