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]
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Optio, neque qui velit. Magni dolorum quidem ipsam eligendi, totam, facilis laudantium cum accusamus ullam voluptatibus commodi numquam, error, est. Ea, consequatur.
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 |