Cash Transactions Flashcards
Paid for rental expenses worth $2,800 by cheque.
DR Rental expenses $2,800
CR Cash at bank $2,800
Paid Pauleen, a credit supplier, $138 by bank transfer for amount owed previously.
DR Trade payable - Pauleen $138
CR Cash at bank $138
Bought a set of children’s table and chair costing $1,900 from IKEA Ltd by cash.
DR Fixtures and fittings $190
CR Cash in hand $190
Bought goods worth $720 by cheque.
DR Inventory $720
CR Cash at bank $720
Took out a loan for $20,000 from a bank.
DR Cash at bank $20,000
CR Bank loan $20,000
Received interest income of $15 from the bank.
DR Cash at bank $15
CR Interest income $15
Collected $289 cash in total for the day’s sales takings.
DR Cash in hand $289
CR Sales revenue $289
Charlie, a credit customer, paid $450 by cheque for outstanding debt owed to the business.
DR Cash at bank $450
CR Trade receivable - Charlie $450
Owner deposited a $10,000 personal cheque into the business bank account as additional funds for the business.
DR Cash at bank $10,000
CR Capital $10,000
Repaid bank loan amounting to $1,000 by cheque.
DR Bank loan $1,000
CR Cash at bank $1,000
