During February 2019, the following occurred in the business of Kutako Trading, a general dealer: 1 Mr Kutako deposited an amount of N$200 000 into the bank account of the business. 2 Paid for an advertisement on Facebook using the debit card of the business, N$2 500. 6 Sold goods on credit to Mr Hosea, N$100 000. 8 Paid for repairs to Mr Kutako's personal vehicle N$3 250 by electronic funds transfer (EFT) 10 Purchased goods on account from H. Hauifiku, N$150 000. 12 Mr Hosea returned damaged goods worth N$5 000. 15 Mr Hosea deposited N$92 000 directly into the account of the business in full settlement of his account. Required: For each of the transactions listed above, indicate which account must be debited and which account must be credited in the ledger, as well as the overall effect of each transaction on the elements of the accounting equation. Present your answer in the following format:

During February 2019, the following occurred in the business of Kutako Trading, a general dealer: 1 Mr Kutako deposited an amount of N$200 000 into the bank account of the business. 2 Paid for an advertisement on Facebook using the debit card of the business, N$2 500. 6 Sold goods on credit to Mr Hosea, N$100 000. 8 Paid for repairs to Mr Kutako's personal vehicle N$3 250 by electronic funds transfer (EFT) 10 Purchased goods on account from H. Hauifiku, N$150 000. 12 Mr Hosea returned damaged goods worth N$5 000. 15 Mr Hosea deposited N$92 000 directly into the account of the business in full settlement of his account. Required: For each of the transactions listed above, indicate which account must be debited and which account must be credited in the ledger, as well as the overall effect of each transaction on the elements of the accounting equation. Present your answer in the following format:

Name: During February 2019, the following occurred in the business of Kutak
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Description: During February 2019, the following occurred in the business of Kutako Trading, a general dealer:1 Mr Kutako deposited an amount of N$200 000 into the bank account of thebusiness.2Paid for an advertisement on Facebook using the debit card of the bus

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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