Rika Dry

Assets

Posting journal totals to the VAT Input and VAT Output account

Accounting equation Income of a VAT vendor

Closing transfers theory

Ownership and users of financial information

Invoice when purchasing goods

Cash payments journal: Recording the advertising expense paid

Statement of financial position

Accounting cycle

Accounting equation Income

Depreciation using the straight-line method

Closing transfers Net sales

Accounting equation: Purchase of an asset

Receipt of payment

Invoice

Assets

Closing transfers Profit or loss account

Accounting equation Expenses

General ledger Loan paid into bank account and repayment

Depreciation Reducing balance method

Closing transfers Periodic Inventory system Trading account

Recording of transactions in the petty cash journal

Cash receipts journal: Recording a sales transaction for a VAT vendor