Summarize the financial transactions described.
Understand the Problem
The image contains a series of financial transactions recorded with their respective dates. Understanding this involves recognizing the type of transaction (withdrawal, purchase, payment, loan) and the amounts involved. A question related to this might involve summarizing the transactions, calculating balances, or preparing a financial statement.
Answer
Financial transactions include cash transfer from bank to till, purchase of office fixtures, payment to Cool Cars Limited via cheque, receiving a loan from Bola, and cash deposited into bank account.
Here's a summary of the financial transactions:
- June 12: $8,000 was transferred from the bank to the cash till.
- June 15: Office fixtures were purchased for $120,000 in cash.
- June 19: Cool Cars Limited was paid $170,000 by cheque.
- June 21: A cash loan of $50,000 was received from Bola.
- June 25: $4,000 cash was deposited into the bank account.
Answer for screen readers
Here's a summary of the financial transactions:
- June 12: $8,000 was transferred from the bank to the cash till.
- June 15: Office fixtures were purchased for $120,000 in cash.
- June 19: Cool Cars Limited was paid $170,000 by cheque.
- June 21: A cash loan of $50,000 was received from Bola.
- June 25: $4,000 cash was deposited into the bank account.
More Information
A financial transaction is an agreement between a buyer and seller to exchange goods, services, or assets for payment. These transactions impact a business's assets, liabilities, or equity.
Tips
Pay close attention to the currency symbols and numerical values to ensure accurate documentation of the transactions.
Sources
- Financial Transaction Definition, Types & Examples - Lesson - study.com
- Transaction: Definition, Accounting, and Examples - Investopedia - investopedia.com
- What Is a Financial Transaction? A Comprehensive Guide - xactaccountants.co.uk
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