Learning Objective: 3 Use the accounting equation to analyse transactions
A-Head: How do you analyse transactions?
- Sharon Samson starts a plumbing service named Reliable Waterworks. Selected transactions are described as follows:
- Sharon deposited $8000 into a new cheque account for the business and recorded the capital contribution.
- Paid $4000 cash for equipment to be used for plumbing repairs.
- Borrowed $12,000 from a local bank and deposited the money in the cheque account.
- Paid $600 rent for the year.
- Paid $100 cash for plumbing supplies to be used in future.
- Completed a plumbing repair project for a local lawyer and received $4000 cash.
- $500
- $3400
- $3900
- $4000
Difficulty: Complex
AACSB: Analytical Thinking
Learning Objective: 3 Use the accounting equation to analyse transactions
A-Head: How do you analyse transactions?
- Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation:
| Accounts receivable |
|
|---|---|
| Accounts payable |
|
| Salary expense |
|
| Repairs expense |
|
|
|
|
|
|
|
| Loans payable |
|
|
|
|
| Supplies expense |
|
| Service revenue |
|
| Petrol expense |
|
| Salary payable |
|
- $31,000
- $20,000
- $27,000
- $15,000
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 3 Use the accounting equation to analyse transactions
A-Head: How do you analyse transactions?
- Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation:
| Accounts receivable |
|
|---|---|
| Accounts payable |
|
| Salary expense |
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