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Questions and Answers
A direct deposit of R5 000 appears on the bank statement relating to the partial settlement of Mr Meyer's account. The account to be debited is ______ and the account to be credited is ______.
Mr Meyer, Bank
Purchased a new lawn mower on credit for R4 299. The account to be debited is ______ and the account to be credited is ______.
Equipment, Accounts Payable
Paid R4 110 for security services with the business debit card. The account to be debited is ______ and the account to be credited is ______.
Security Services Expense, Bank
Purchased fuel for the lawn mower and paid R575 cash. The account to be debited is ______ and the account to be credited is ______.
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Rendered landscaping services to Vacay Hotels on credit to the amount of R14 200. The account to be debited is ______ and the account to be credited is ______.
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Evergreen paid R3 399 through an electronic funds transfer to Mr Garden in full settlement of an outstanding account relating to landscaping training of staff during December 2023. The account to be debited is ______ and the account to be credited is ______.
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Study Notes
Direct Deposits and Account Transactions
- A direct deposit of R5,000 is recorded as a partial settlement of Mr. Meyer's account.
- Debited Account: Mr. Meyer’s Account
- Credited Account: Bank Account
Credit Purchases
- A new lawn mower was purchased on credit for R4,299.
- Debited Account: Lawn Mower Inventory or Equipment Account
- Credited Account: Accounts Payable or Creditors
Debit Card Transactions
- R4,110 was paid for security services using the business debit card.
- Debited Account: Security Services Expense Account
- Credited Account: Bank Account
Cash Transactions
- Purchased fuel for the lawn mower with R575 cash.
- Debited Account: Fuel Expense or Lawn Mower Expense Account
- Credited Account: Cash Account
Accounts Receivable Transactions
- Landscaping services worth R14,200 were rendered to Vacay Hotels on credit.
- Debited Account: Accounts Receivable or Vacay Hotels Account
- Credited Account: Landscaping Services Revenue Account
Electronic Funds Transfer
- Evergreen transferred R3,399 to Mr. Garden to settle an outstanding account for landscaping training.
- Debited Account: Landscaping Training Expense or Mr. Garden’s Account
- Credited Account: Bank Account
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Description
Test your knowledge of accounting transactions with a scenario involving Evergreen, a small gardening service business. Explore various transactions such as direct deposits, credit purchases, and debit card payments. Challenge yourself with real-world accounting scenarios!
