Answered: You are required to record the…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1MP

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance. Jan 1 Started in business with £10,500 cash. == 2 Put £9,000 of the cash into a bank account. == 3 Bought goods for cash £550. == 4 Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510. == 5 Bought stationery on credit from Buttons Ltd £89. == 6 Sold goods on credit to: R Tong £170; L Fish £240; M Singh £326; A Tom £204. == 8 Paid rent by cheque £220. == 10 Bought fixtures on credit 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 £5; M Singh £20. == 21 Cash sales £145. == 24 Sold goods on credit 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

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions