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Cash at bank account

Cash at bank account

Adeline
피크닉 동산
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Middle 8
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Cash at bank account

Adeline

4

6 questions

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# 1

LengKang Limted extracted the following balances from the business' books on the month of 1 July 2020.

Cash at bank    $1500 Cr


Which of the following is the correct to record the transaction shown?

Record cash at bank as a credit balance, indicating an overdraft in the bank account.
Choice image
Record cash at bank as a credit balance
Choice 1
# 2

The following transactions took place in the month of July 2020.


2020

July 3 Purchased goods from Eve on credit at a list price of $800.

credited the purchases account
Choice image
On credit means trade payable did not make any payment hence no need to record
Choice 1
# 3

2020

Jul 8  Issued a cheque worth $720 to Eve for goods purchased on 3 July.

Cash at bank (CAB) is Dr in nature so issue cheque will means that lesser money in CAB hence record in Cr and minus $720.
Choice image
Cash at bank (CAB) is Dr in nature so issue cheque will means that lesser money in CAB hence record in Cr. Beginning Balance is credit in nature so add $720.
Choice 1
# 4

2020

Jul 12 Received a $950 cheque from Flora, in full settlement amount owing, after a 5% cash discount.

Cash at bank (CAB) is Dr in nature so received cheque will means that more money in CAB hence record in Dr hence add $950.
Choice image
Cash at bank (CAB) is Dr in nature so received cheque will means that more money in CAB hence record in Dr hence add $950. So change it to Dr as CAB is Dr in nature.
Choice 1
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