Writing Transactions Flashcards
1
Q
What is a transaction?
A
A financial event that takes place in a business
2
Q
Cash ⬆️ and capital ⬆️=?
A
Cash sales ~amount ~
• owner started business with $——
3
Q
Cash⬇️and fixed asset going ⬆️
A
Brought any fixed asset with cash
4
Q
Cash⬆️ and fixed asset ⬇️
A
Sold fixed asset for cash
5
Q
Creditor ⬆️and fixed asset ⬆️
A
Brought fixed asset on credit
6
Q
Debtor ⬆️ and fixed asset ⬇️
A
Sold fixed asset on credit
7
Q
Debtor ⬇️ and cash ⬆️
A
Debtor paid his account/ credit sales
Eg Peter paid his account $800
8
Q
Creditor ⬆️ and capital ⬇️
A
Credit sales
Eg brought goods from papa $400
9
Q
Creditor ⬆️ and capital ⬇️
A
Credit purchases
10
Q
Cash ⬇️ and capital ⬇️
A
- cash purchases
* paid expenses
11
Q
Cash ⬇️ and credit ⬇️
A
Paid creditor
