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Tutorial 2: Recording transactions

Maria Colls | Student ID: 300503727 | ACCY 111

Choose one of these transactions, and prepare a one paragraph answer illustrating this
transaction, including an example. (part of q. 6. Give an example of a transaction that results
in…)

(a) An increase in one asset and an increase in a liability


(b) An increase in one asset and an increase in equity
(c) A decrease in one asset and a decrease in a liability
(d) A decrease in one asset and a decrease in equity
(e) A decrease in equity and an increase in a liability.

(a) Purchasing art supplies on credit from Gordan Harris, an art supplier, which would
increase my art supplies and increase accounts payable.
Question 3.26
In September 2019, Niem Duong opened a car hire business. The following transactions
occurred during the first month of the business (ignore GST).

Use the following account titles and numbers.

Required:
(a) Draw up the 12 T-accounts for the transactions above
(b) Prepare a trial balance at 30 September 2019.

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