Mary is a trader. She has a debit balance in the bank column of her cash book. Mary has received her bank statement and needs to update her cash book to record the following items. 1 A credit customer, Sam, has settled his account using a credit transfer. 2 Mary lets part of her premises to Dennis who has paid his monthly rent by standing order. The bank balance is not overdrawn. How does recording these items affect the bank balance in Mary's cash book? The options present effects on 'item 1' and 'item 2'.

Jane, a trader, withdrew $50 from the business bank account for office use. How is this recorded in Jane's books?

Winston decides to write off a debt due to him from Leroy for goods sold on credit. How is this recorded in Winston'…

An employer provides each employee with a time sheet. Which statement is correct?

Which is a compensating error?

On 1 January 2009 there was a credit balance on the wages account of $2000. Wages paid during the year amounted to $4…

Rashid maintains a provision for doubtful debts of 5% of the trade receivables (debtors) at the end of each year. Tra…