Complete the following table: --------------------------------------------------------------Account to be debited ---- Account to be credited Started business with...

Complete the following table:
--------------------------------------------------------------Account to be debited ---- Account to be credited

Started business with $200,000 in the bank

Kowus lent the company $15,000 in cash

Bought goods on credit from G. Gowen $1,530

Sold goods for cash to B. Brown$1,300

Proprietor puts further amount into business by cheque, $125,000

Bought office furniture by cash $63,700 from Amben Ltd.

A debtor, J. Pike paid us by cheque $3,000

Bought car on credit from Kowus Motors $94,000

Paid office expenses by cheque, $300

Paid salaries in cash $79,000

Cash sales $10,200

Paid business rates by cheque $3,600

Returned goods to B. Brown

Sold goods on credit to T. Potts $2,300

Goods were returned to us by T. Potts $560

Cash drawings by proprietor, $2,000

A debt owing to us by T. Potts $368 is written off as bad debt.

Paid $400 cash in hand into the bank account.

Paid motor vehicle expenses by cheque $400

Bought goods for cash $450.

Expert Solution

ekkarill92 answered 2 years ago

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