Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write
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Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other accounts. Balance-off each personal account at the end of the month. After completing this, state which of the balances represent debtors and which represent creditors. 2012 Sept
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1 Sales on credit to J. Bee 1,040; T. Day 1,260; J. Soul 480. 2 Purchases on credit D. Blue 780; F. Rise 1,020; P. Lee 560. 8 Sales on credit to T. Day 340; L. Hope 480. 10 12 Purchases on credit from F. Rise 92; R. James 870. Returns inwards from J. Soul 25; T. Day 190. 17 We returned goods to F. Rise 12; R. James 84. 20 We paid D. Blue by cheque 780. 24 J. Bee paid us by cheque 900. 26 We paid R. James by cheque 766. 28 J. Bee paid us by cash 80. 30 L. Hope pays us by cheque 480.
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To answer this question I will prepare ledger accounts for each personal account mentioned and will perform balancing at the end of the period which i...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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