Double-entry bookkeeping principles including the maintenance of accounting records：練習問題

In double-entry bookkeeping, an increase in an asset account is recorded by which of the following entries?

Which book of prime entry is used to record goods returned by credit customers?

A business purchased office equipment on credit from Apex Ltd for \(\$4{,}200\). By identifying the accounts and the nature of each account, state the journal entry (specifying debit and credit) needed to record this transaction in the general ledger.

A business paid \(\$600\) by cheque for equipment repairs, but the transaction was erroneously recorded as a debit to the Office Equipment account for \(\$600\) and a credit to the Bank account for \(\$600\). State the corrective journal entry needed to rectify this error of principle, specifying the accounts to be debited and credited with the corresponding amounts.

On 1 May 2024, Alan commenced a retail business with a cash introduction of \$50,000 into the business bank account.

During the first week of May, the following transactions occurred:

(i) Purchased inventory on credit from Brian for \$12,000.
(ii) Paid monthly shop rent of \$4,500 by cheque.
(iii) Sold goods costing \$3,000 on credit to Charlie for \$5,200.
(iv) Paid Brian \$7,000 by cheque on account.

Required:
(a) State the duality principle in double-entry bookkeeping.
(b) Prepare the general journal entries to record transactions (i) to (iv). (Narrations are not required.)

On 1 March 2024, Delta Ltd had the following ledger balances:

Bank: \$18,400 (Dr)
Trade Receivables (Customer E): \$6,200 (Dr)
Trade Payables (Supplier S): \$4,500 (Cr)

During March 2024, the following transactions took place:

March 5: Sold goods on credit to Customer E for \$3,800.
March 10: Purchased goods on credit from Supplier S with a list price of \$5,000, subject to a \(10\%\) trade discount.
March 18: Received a cheque from Customer E in full settlement of the opening balance on 1 March, after allowing a \(5\%\) cash discount.
March 25: Returned damaged goods with a list price of \$600 to Supplier S (purchased on 10 March).
March 29: Paid Supplier S \$3,000 by cheque.

Required:
Prepare for the month of March 2024:
(a) The account of Customer E in Delta Ltd's ledger.
(b) The account of Supplier S in Delta Ltd's ledger.