You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque £5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for £200 cash. 26 Paid amount owing to Dream Ltd £1,780 by cheque. 28 Took £130 out of the bank and added to cash. 30 F Brown lent us £4,000 – giving us the money by cheque.
You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8June 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque £5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for £200 cash. 26 Paid amount owing to Dream Ltd £1,780 by cheque. 28 Took £130 out of the bank and added to cash. 30 F Brown lent us £4,000 – giving us the money by cheque.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 5SEA: TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following...
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You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard.
20X8June
1 Started business with £12,000 in cash.
2 Paid £11,700 of the opening cash into a bank account for the business.
5 Bought office furniture on credit from Dream Ltd for £1,900.
8 Bought a van paying by cheque £5,250.
12 Bought equipment from Pearce & Sons on credit £2,300.
18 Returned faulty office furniture costing £120 to Dream Ltd.
25 Sold some of the equipment for £200 cash.
26 Paid amount owing to Dream Ltd £1,780 by cheque.
28 Took £130 out of the bank and added to cash.
30 F Brown lent us £4,000 – giving us the money by cheque.
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