Record these transactions using ledger accounts.
Test your understanding 3
For each of the following individual transactions state the two
ledger accounts affected, and whether the ledger account should be
debited or credited:
1
Ole purchases goods for $5,000, and pays by cheque.
2
Ole makes a sale to a customer for $500. The customer pays in
30 days’ time.
3
Ole pays a telephone bill amounting to $40, and pays by cheque.
4
Ole receives bank interest income of $150.
5
Ole purchases stationery for $12 and pays cash.
6
Ole makes a sale to a customer for $400. The customer pays cash.
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