The question seems to be incomplete as there is no table provided to fill in. However, based on the information given, here's how you would record the transaction: 1. The account debited (increased) would be "Telephone Expense" for the amount of 2000. 2. The account credited (decreased) would be "Bank" for the amount of -2000. This is because when you pay an expense, that particular expense account increases (debit) and the cash or bank account decreases (credit). Please provide the table or the specific format you want the answer in for a more accurate response.

The accountant of SA Attorneys paid the monthly telephone account of R2 000 via an electronic transfer. SA Attorneys maintained an unfavourable bank balance.Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:Instructions for numeric responses:1. Use a full stop to indicate any decimals (eg: 1000.01)2. Round off to the second decimal after the full stop (eg: 50.56)3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01) 4. When an element increases, the amount will be without any sign (eg: 1000.01)5. Only show the amount, do not show the "R" (eg: 1000)6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

Question

The accountant of SA Attorneys paid the monthly telephone account of R2 000 via an electronic transfer. SA Attorneys maintained an unfavourable bank balance.Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:Instructions for numeric responses:1. Use a full stop to indicate any decimals (eg: 1000.01)2. Round off to the second decimal after the full stop (eg: 50.56)3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01) 4. When an element increases, the amount will be without any sign (eg: 1000.01)5. Only show the amount, do not show the "R" (eg: 1000)6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

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Solution 1

The question seems to be incomplete as there is no table provided to fill in. However, based on the information given, here's how you would record the transaction:

The account debited (increased) would be "Telephone Expense" for the amount of 2000.
The account credited (decreased) would be "Bank" for the amount of -2000.

This is because when you pay an expense, that particular expense account increases (debit) and the cash or bank account decreases (credit).

Please provide the table or the specific format you want the answer in for a more accurate response.

This problem has been solved

Solution 2

The transaction described involves the payment of a monthly telephone bill. This would affect two accounts: the Bank account and the Telephone Expense account.

Here's how the transaction would be recorded:

Bank Account (Asset): This account would be debited because when the firm pays a bill, it reduces the amount of money in its bank account. According to the rules of double-entry bookkeeping, a decrease in an asset account is recorded as a debit. Therefore, the Bank account would be debited by R2,000. In accordance with the instructions, this would be recorded as "-2000".
Telephone Expense Account (Expense): This account would be credited because when the firm pays a bill, it increases its expenses. According to the rules of double-entry bookkeeping, an increase in an expense account is recorded as a credit. Therefore, the Telephone Expense account would be credited by R2,000. In accordance with the instructions, this would be recorded as "2000".

Please note that the terms "debit" and "credit" do not necessarily mean "increase" and "decrease". Their meaning depends on the type of account they are applied to. In this case, a debit to the Bank account means a decrease, while a credit to the Telephone Expense account means an increase.

This problem has been solved

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