Answer to Question #299399 in Accounting for Kriti

Question

1 Oct1, 2020 Business owner Samuel Smith input $5000 cash and $3000 office equipment into the business 2 Oct5, 2020 Business paid 6 month insurance for $3,000, paid in cash 3 Oct7, 2020 Business received the customer money $6,300 for the services to be perform in the near future 4 Oct10, 2020 Business bought $2,100 office supplies on credit 5 Oct13, 2020 Business bill the customer $3,000 for the services completed 6 Oct15, 2020 Business found the defective office supplies $300 from the Oct10 purchase, returned them back to supplier 7 Oct16, 2020 Business provided the services for Transaction#3 8 Oct20, 2020 Business paid the owing amount from Transaction#4 9 Oct25, 2020 Business received $1000 from the Oct13, 2020 service provided. 10 Oct29, 2020 Business paid employee $3,500 salary. 11 Oct30, 2020 Business received Oct, 2020 telephone bill $320, it will be paid in November 12 Oct31, 2020 Business owner withdrew $1200 cash from the business bank account.

Answer 1

1)debit cash desk credit settlements with founders - 5000

debit office equipment credit settlements with founders - 3000

2)debit settlements with different debtors and creditors credit cash desk - 3000

3)debit office supplies credit credits and loans - 2100

4)debit settlements with customers credit revenue - 3000

5)debit settlements with suppliers credit stationery - 300

6)debit current account credit settlements with buyers - 1000

7)debit settlements with personnel credit current account - 3500

8)debit general business expenses credit settlements with suppliers - 320

9)debit current account expenses credit cash desk - 1200