Answer to Question #314292 in Accounting for Vee

Question

The following transactions of JDE Corp took place during the financial period ending 31 March 2022: 1. The owner of the business, Mr J Dough, took inventory for his personal use, R1 000. 2. The business received dividends in cash from their investments, R6 800. 3. JDE Corp returned inventory that was damaged to the supplier, R700. 4. The business paid cash for electricity for the month of March, R500. 5. Sold goods on credit to several customers, R15 800. 6. Bought goods on credit worth R25 000. 7. A R3 500 loan was received from the bank, payable after five years, at 7% interest per annum. 8. Company applied for an overdraft of R10 500 and it was approved at the end of March 2022.

Answer 1

1.Debit inventory credit settlements with founders - 1000

2.Debit cash desk credit other debtors and creditors (other income and expenses) - 6800

3.Debit settlements with suppliers credit inventory - 700

4.Debit payments for electricity credit cash desk - 500

5.Debit settlements with buyers credit revenue - 15800

6.Debit goods credit credits and loans - 25000

7.Debit current account credit credits and loans - 3500

8.Debit current account credit credits and loans - 10500