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7 Machinery is bought for £400 with payment made by cheque. Equipment is bought on credit for £250 from B Street. A motor car is bought on credit for £1,300 from C Alexander. A cheque is sent to B Street for £250. Wheatcroft places £200 of the cash into the bank. Record the following transactions in ledger accounts for I Sharp for March 2009. 8 For the following transactions, state the accounts to be debited and credited. 9 Firm buys inventory and pays immediately by cheque. Goods returned to the original supplier, A Rahman, due to them being faulty.

Holmes paid in full in cash. Clover withdraws £100 from the bank for personal use. Construct the double-entry accounts of Helen Clews from the following transactions and balance off each account at the end of the month. 21 26 Clews opens a business bank account with £8,500 of her own money. Machinery is bought for £1,500, payment made by cheque. Machinery insurance of £95 is paid by cheque. Purchases on credit are made as follows: £65 from M Hodge, and £21 from B Bolder. A vehicle is bought for £4,300 on credit from Mark Sterland.

The balance on an account arises where there is a difference between the total of the debits and the total of the credits. 12: where no balance exists Some accounts will exist where the totals of the debits and credits are equal. In these cases, there is no balance on the account. Bank 2010 Jan 8 Jan 15 Jan 18 Jan 26 Sales Cash Equipment Loan £ 86 112 750 2,000 2,948 2010 Jan 11 Purchases Jan 14 Wages Jan 19 Vehicle £ 345 290 2,313 2,948 S Moorcroft 2010 Jan 17 Sales £ 112 2010 Jan 24 Cash £ 112 In these two cases, the total of the debits is equal to the total of the credits.

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