(Solved): ACC2201 FINANCIAL ACCOUNTING I T2 The Accounting Equation (Part 3: Balance-off Accounts) 4.3A Prepar...

ACC2201 FINANCIAL ACCOUNTING I T2 The Accounting Equation (Part 3: Balance-off accounts) 4.3A Prepare the double entries (not the T-accounts) for the following transactions using the format Date July Account name Account name Started in business with £5,000 in the bank and £1,000 cash. 2 Bought stationery by cheque £75. 3 Bought goods on time from T. Smart £2,100. 4 Sold goods for cash £340. 5 Paid insurance by cash f290. 7 Bought a computer on time from J. Hott £700. 8 Paid expenses by cheque 132 10 Sold goods on time to C. Biggins £630. 11 Returned goods to T. Smart £550. 14 Paid wages by cash £210. 17 Paid rent by cheque £225. 20 Received cheque £400 from C. Biggins. 21 Paid J. Hott by cheque £700. 23 Bought stationery on time from News Ltd £125. 25 Sold goods on time to F. Tank [645. 31 Paid News Ltd by cheque £125. 444