Solution~double Ex 3

Double-entry exercise 3: SOLUTION Task 1 1/1/12. Received $1000 cash takings from customers. Elements involved:  BANK (A),  TAKINGS (R) 2/1/12. Paid $700 cash for rent expense. Elements involved:  BANK (A),  RENT (E) 3/1/12. Owner, Fay, took $2000 cash for private use. Elements involved:  BANK (A),  DRAWINGS (-OE) 4/1/12. Paid $3000 cash for more office assets. Elements involved:  BANK (A),  OFFICE ASSETS (A) 5/1/12. Paid $5000 cash to ANZ to reduce loan. Elements involved:  BANK (A),  ANZ LOAN (L) 6/1/12. Owner, Fay, contributed her own private fax worth $800 (office assets) to the business. Elements involved:  OFFICE ASSETS (A),  CAPITAL (OE) 7/1/12. Paid $750 cash for wages expense. Elements involved:  BANK (A),  WAGES (E)

General Ledger Bank (A) Date 1/1 1/1

Reference Balance Takings

$ 50000 1000

Date 5/1

Reference Bank

Date

Reference

Date 3/1

Reference Bank

$ 2000

Date

Reference

$

Date 2/1 31/ 4/1 5/1 7/1

Office Assets (A) Reference Rent Drawings Office assets ANZ Loan Wages

$ 700 2000 3000 5000 750

Date 1/1 4/1 6/1

Reference Balance Bank Capital

Reference Balance

$ 10000

Date

Reference

Reference Bank

$ 1000

Date 7/1

Reference Bank

Reference

$

Date 2/1

Reference Bank

Reference

$

Date

Reference

Loan (L) $ 5000

Date 1/1

Date 1/1

$

Date 1/1 6/1

Reference $ Balance 60000 Office assets 800

$ 750

Date

Reference

$

Reference

$

Reference

$

Rent (E)

Name Date

$

Wages (E)

Drawings (-OE) Date

Reference

Capital (OE)

Takings (R) $

$ Date 20000 3000 800

$ 700

Date

Name $

Date