You are to open the books of F. Polk, a trader, via the journal to record the
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You are to open the books of F. Polk, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May. A trial balance is to be extracted as on 31 May 2013.
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2013 May 1 Assets: Premises 34,000; Van 5,125; Fixtures 810; Inventory 6,390; Accounts receiv- able: P. Mullen 140, F. Lane 310; Cash at bank 6,240; Cash in hand 560. Liabilities: Accounts payable: S. Hood 215, J Brown 640. Paid storage costs by cheque 40. Goods bought on credit from: S. Hood 145; D. Main 206; W. Tone 96; R. Foot 66. Goods sold on credit to: J. Wilson 112; T. Cole 164; F. Syme 208; J. Allen 91; P. White 242; F. Lane 90. 1 2 3 4 Paid for motor expenses in cash 60. 7 Cash drawings by proprietor 150. 9 Goods sold on credit to: T. Cole 68; J. Fox 131. 11 Goods returned to Polk by: J. Wilson 32; F. Syme 48. 14 Bought another van on credit from Abel Motors Ltd 4,850. 16 The following paid Polk their accounts by cheque less 5 per cent cash discount: P. Mullen; F. Lane; J. Wilson; F. Syme. 19 Goods returned by Polk to R. Foot 6. 22 Goods bought on credit from: L. Mole 183; W. Wright 191. 24 The following accounts were settled by Polk by cheque less 5 per cent cash discount: S. Hood; J. Brown; R. Foot. 27 Salaries paid by cheque 740. 30 Paid business rates by cheque 140. 31 Paid Abel Motors Ltd a cheque for 4,850.
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To record the opening books of F Polk a trader for the month of May 2013 you must first journalize the opening entry that includes all the assets and liabilities as given in the provided details The o...View the full answer
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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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