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Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A.Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C. Sold inventory on credit R50 000. D.Cash paid to creditors R50 000.

Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A.Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C. Sold inventory on credit R50 000. D.Cash paid to creditors R50 000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A. Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C.Sold inventory on credit R50 000. D.Cash paid to creditors R50 000. 7. For every debit entry there must be a credit entry. A.Principle of entity B.Principle of historical cost C.Principle of materiality D.Principle of double entry 8. These are the books of Mica Stores as at 28 February 2021. Vehicles R300 000, Accumulated depreciation R50 000. Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2019 at R20 000 cash. The vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000. Depreciation for the disposed vehicle is A.R2 500 B.R1 250 C.R2 000 D.R500
Transcribed Image Text:Choose the most appropriate answer 1.1 6. Identify the most relevant transaction for this entry: Assets Owners' Equity Liabilities +50 000 +50 000 A. Bought inventory on credit R50 000. B. Sold inventory on credit R50 000. C.Sold inventory on credit R50 000. D.Cash paid to creditors R50 000. 7. For every debit entry there must be a credit entry. A.Principle of entity B.Principle of historical cost C.Principle of materiality D.Principle of double entry 8. These are the books of Mica Stores as at 28 February 2021. Vehicles R300 000, Accumulated depreciation R50 000. Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2019 at R20 000 cash. The vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000. Depreciation for the disposed vehicle is A.R2 500 B.R1 250 C.R2 000 D.R500
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