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Hi, I am getting some trouble in doing the double entry T accounts, such as where to put certain and how to put the accounts in it perspective places. For instance,
1) Ms. SHG introduce cash of $250,000 into her business ( Cash-Debit & Capital-Credit)
I know how to do this part but to do the others such as:
2) She paid $8000 in cash for items of inventory.
3) She had cash sales of $39,000.
4)She borrowed $50,000 from the bank for business purposes.
5)She had credit sales of $24,000
6) She purchased a van for $50,000 cash
7) Paid legal expenses of $12,000
8)She purchased items of inventory on credit valued at $20,000.
9) A debtor paid $10,000.
10) She paid a creditor $14,000.
Please help me to know what to debit and what to credit! I would really appreciate it because I am getting lots of trouble in knowing what to do and how to know which term should I used.Have you watched my lecture on double entry (it is free to watch 🙂 )
I ask, because in the lecture I go through an example exactly like the one you have typed and show all the double entries.
If any of them don’t make sense then do ask, but it seems unnecessary for me to type out here exactly what I go through in the lecture.
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