Answered: 38) Solo traders has the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1PB: Provide journal entries to record each of the following transactions. For each, also identify: *the...

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38)

Solo traders has the following transactions for the month of January 2019.

9- Goods purchased and paid cash of RO 2,200

14- Paid office expenses of RO 1,240

19- Paid a monthly loan to Bank Muscat of RO 1,450.

24- Paid RO 7,500 to Black traders for the goods purchased on credit.

Calculate and show the amount which will be transferred to Total column of Cash payments book for the month of January 2019?

RO 2,200

RO 12,390

RO 1,240

RO 7,500

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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