2020 BGSS 3E POA EOY P1 Q3
3 The following transactions took place in Vicky Trading for the month of May 2020.
May 4 | The business purchased $3 200 worth of goods from Red Provider on credit. |
May 10 | The business sold goods at $1 230 to Super Shop on credit. The cost price of the goods sold was $720. |
May 15 | Vicky Trading returned damaged goods worth $350 to Red Provider |
May 18 | The business received a cheque from Super Shop for full settlement of amount outstanding. |
Complete the following table by stating the accounts to be debited and credited, followed by the amount, for each transaction. The first transaction has been shown as an example.
[8]
Date | Account Debited | Account Credited |
May 4 | Inventory $3 200 | Trade Payable, Red Provider $3 200 |
May 10 | ||
May 15 | ||
May 18 |
[TOTAL 8]
Date | Account Debited | Account Credited |
May 4 | Inventory $32000 | Trade Payable, Red Provider $3 200 |
May 10 | Trade receivable, Super Shop $1230 Cost of sales $720 | Sales revenue $1230 Inventory $720 |
May 15 | Trade payables, Red Provider $350 | Inventory $350 |
May 18 | Cash at bank $1 230 | Super Shop $1 230 |