Practice Activity 5.2 Double entry postings for financial transactions

The facts are the same as practice activity 5.1.

Required: Identify the double entry posting for every business transaction outlined in Practice Activity 5.1.

Suggested answers to practice activity 5.2

Each of the financial transactions outlined in the suggested solution of Practice Activity 5.1 has to be entered twice in the accounts.

The two aspects of each financial transaction in the suggested solution of Practice Activity 5.1 are explained in the table below: