Richard started up a business as a butcher on 1 March 20X0. His transactions during March were:

Required:

Enter the transactions in Richard’s accounting records and take out a trial balance at 31 March 20X0.

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123 4 56 868 Borrowed 10,000 from his father and paid the money into a business bank account. Made cash purchases totalling 6,000. Made cash sales totalling 8,000. Bought a delivery bicycle for 140 cash. Paid rent for one month 240. Made credit purchases totalling 4,000 and by the end of the month had paid all but 1,000 of this amount. 7 Made credit sales totalling 7,600 and at the end of the month debtors still owed 3,400 of this amount. 10 Received a legacy of 2,000 and paid this into the business. 9 Paid for electricity for one month 180. Drew 240 for his personal expenses.