Elvis commences trading 1 August 2014 preparing accounts to 31 August. His transactions in his first month were as follows: 1/08 - Started business with £2,000 in the bank. 2/08 - Purchased goods £175 on credit from M Mills. 3/08 - Bought fixtures and fittings £150 paying by cheque. 5/08 - Sold goods for cash £275. 6/08 - Bought goods on credit £114 from S Waites. 10/08 - Paid rent by cash £15. 12/08 - Bought stationery £27, paying in cash. 18/08 - Goods returned to M Mills £23. 21/08 - Let off part of the premises receiving rent by cheque £5. 23/08 - Sold goods on credit to U Henry for £77. 24/08 - Bought a motor van paying by cheque £300. 30/08 - Paid the month’s wages by cash £117. 31/08 - Elvis took cash for himself £44. REQUIRED: With double entry record the transactions in T-accounts Balance the accounts and bring down an opening balance as at 1st September 2014 Prepare a Trial balance as at 31st August 2014
Elvis commences trading 1 August 2014 preparing accounts to 31 August. His transactions in his first month were as follows: 1/08 - Started business with £2,000 in the bank. 2/08 - Purchased goods £175 on credit from M Mills. 3/08 - Bought fixtures and fittings £150 paying by cheque. 5/08 - Sold goods for cash £275. 6/08 - Bought goods on credit £114 from S Waites. 10/08 - Paid rent by cash £15. 12/08 - Bought stationery £27, paying in cash. 18/08 - Goods returned to M Mills £23. 21/08 - Let off part of the premises receiving rent by cheque £5. 23/08 - Sold goods on credit to U Henry for £77. 24/08 - Bought a motor van paying by cheque £300. 30/08 - Paid the month’s wages by cash £117. 31/08 - Elvis took cash for himself £44. REQUIRED: With double entry record the transactions in T-accounts Balance the accounts and bring down an opening balance as at 1st September 2014 Prepare a Trial balance as at 31st August 2014
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 3PA: Domingo Company started its business on January 1, 2019. The following transactions occurred during...
Related questions
Question
Elvis commences trading 1 August 2014 preparing accounts to 31 August. His transactions in his first month were as follows:
1/08 - Started business with £2,000 in the bank.
2/08 - Purchased goods £175 on credit from M Mills.
3/08 - Bought fixtures and fittings £150 paying by cheque.
5/08 - Sold goods for cash £275.
6/08 - Bought goods on credit £114 from S Waites.
10/08 - Paid rent by cash £15.
12/08 - Bought stationery £27, paying in cash.
18/08 - Goods returned to M Mills £23.
21/08 - Let off part of the premises receiving rent by cheque £5.
23/08 - Sold goods on credit to U Henry for £77.
24/08 - Bought a motor van paying by cheque £300.
30/08 - Paid the month’s wages by cash £117.
31/08 - Elvis took cash for himself £44.
REQUIRED:
- With double entry record the transactions in T-accounts
- Balance the accounts and bring down an opening balance as at 1st September 2014
- Prepare a
Trial balance as at 31st August 2014
Assuming inventory at 31st August 2014 is £120 –
- Prepare an Income statement (P&L account) for the period ended 31st August 2014 and a
Statement of Financial Position (Balance Sheet) as at that date for Elvis.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,