Question 5.Q3: Complete the following table relating to the transactions of...

FIA – Foundations of Financial Accounting FFA

Complete the following table relating to the transactions of a bookshop. (The first two are done for you.)

(a)	Purchase of books on credit
	(i)	accounts payable increase	CREDIT	accounts payable	(increase in liability)
	(ii)	purchases expense increases	DEBIT	purchases	(item of expense)
(b)	Purchase of cash register
	(i)	own a cash register	DEBIT	cash register	(increase in asset)
	(ii)	cash at bank decreases	CREDIT	cash at bank	(decrease in asset)
(c)	Payment received from a credit customer
	(i)	accounts receivable decrease
	(ii)	cash at bank increases
(d)	Purchase of van
	(i)	own a van
	(ii)	cash at bank decreases

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