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business bank account 2016 1 Started in business with £10,500 cash. Jan 2. Put £9,000 of the cash into a bank account. 3 Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. 5 Bought stationery on time from Buttons Ltd £89. 6 Sold goods on time to: R. Tong £170; L Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. 8. 10 Bought fixtures on time from Chiefs Ltd £610. 11 Paid salaries in cash £790. 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. 16 Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong E5; M. Singh £20. 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L Fish £370. 30 Received a further loan from B. Barclay by cash £500. 30 Received £614 cash from A. Tom.

business bank account 2016 1 Started in business with £10,500 cash. Jan 2. Put £9,000 of the cash into a bank account. 3 Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. 5 Bought stationery on time from Buttons Ltd £89. 6 Sold goods on time to: R. Tong £170; L Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. 8. 10 Bought fixtures on time from Chiefs Ltd £610. 11 Paid salaries in cash £790. 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. 16 Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong E5; M. Singh £20. 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L Fish £370. 30 Received a further loan from B. Barclay by cash £500. 30 Received £614 cash from A. Tom.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 67.2C
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Part 1 Intraduction to financial accounting na goods on time to 1. Petts (a5 Fjeld F4B, T. Gray 1,640. 11 Paid wages by 17 cash 290 18 Potts £14. 20 Goods were returned to us by: 1. Field E6: 21 Bought van on time from Turnkey Motors (4,950 23 26 Received a loan of E750 cash from 8. Bennet 28 Received cheques from T. Potts (71, J. Field £42. Froprietor brings a further £900 into the business, by a payment into the business bank account balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Jan 2. 4. Bought stationery on time from Buttons Ltd £89. Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204 Paid rent by cheque £220. 10 Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. 11 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong £5; M. Singh £20. 16 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay 30 cash £500. 30 Received £614 cash from A. Tom. 6.5 Note, this question should not be attempted until cash discounts and trade discounts have been covered (see Chapters 13 and 14). It should also be noted that this is an example of the excep- tion to the rule that closing inventory does not generally appear in a trial balance. On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. HIs assets and liabilities at that date were:
Transcribed Image Text:Part 1 Intraduction to financial accounting na goods on time to 1. Petts (a5 Fjeld F4B, T. Gray 1,640. 11 Paid wages by 17 cash 290 18 Potts £14. 20 Goods were returned to us by: 1. Field E6: 21 Bought van on time from Turnkey Motors (4,950 23 26 Received a loan of E750 cash from 8. Bennet 28 Received cheques from T. Potts (71, J. Field £42. Froprietor brings a further £900 into the business, by a payment into the business bank account balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Jan 2. 4. Bought stationery on time from Buttons Ltd £89. Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204 Paid rent by cheque £220. 10 Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. 11 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong £5; M. Singh £20. 16 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay 30 cash £500. 30 Received £614 cash from A. Tom. 6.5 Note, this question should not be attempted until cash discounts and trade discounts have been covered (see Chapters 13 and 14). It should also be noted that this is an example of the excep- tion to the rule that closing inventory does not generally appear in a trial balance. On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. HIs assets and liabilities at that date were:
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