Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RMI,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 8 10 11 14 18 23 24 26 28 31 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank.

Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RMI,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 8 10 11 14 18 23 24 26 28 31 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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