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General Journal of Urban Sneakers
Geography
ScanSolve AI Answer
Here are the journal entries for the given transactions:
General Journal of Urban Sneakers
For June 2026
| Date | Details (Account Debited) | Details (Account Credited) | Folio | Debit (R) | Credit (R) |
|---|---|---|---|---|---|
| 05 | Drawings | Inventory | 1 200 | ||
| 1 200 | |||||
| 12 | Debtors Control | Interest Income | 150 | ||
| 150 |
Explanation of Entries:
- Date 05: The owner taking inventory for personal use is recorded as Drawings. Since the inventory is removed from the business, the Inventory account is credited at its cost price.
- Date 12: Charging interest to a debtor increases the amount they owe, so Debtors Control is debited. The interest earned is recognized as Interest Income, which is credited.
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