Prepare the double entries (not the \(T\) accounts) for the following transactions using the format:

July 1 Started in business with \(£ 5,000\) in the bank and \(£ 1,000\) cash.
2 Bought stationery by cheque \(£ 75\).
3 Bought goods on time from T. Smart \(£ 2,100\).
4 Sold goods for cash \(£ 340\).
5 Paid insurance by cash \(£ 290\).
7 Bought a computer on time from J. Hott \(£ 700\).
8 Paid electricity by cheque \(£ 32\).
10 Sold goods on time to C. Biggins \(£ 630\).
11 Returned goods to T. Smart \(£ 550\).
14 Paid wages by cash \(£ 210\).
17 Paid rent by cheque \(£ 225\).
20 Received cheque \(£ 400\) from C. Biggins.
21 Paid J. Hott by cheque \(£ 700\).
23 Bought stationery on time from News Ltd \(£ 125\).
25 Sold goods on time to F. Tank \(£ 645\).
31 Paid News Ltd by cheque \(£ 125\).

Transcribed Image Text:

Date Account name Account name Dr x x