On 1 July Sew-Easy had these balances, amongst others:

These transactions, amongst others, took place during the month:

4 Mary Dadla withdrew R200 in cash for personal use.

7 Mary won a competition and deposited the winnings of R500 into the business.

19 Mary paid a restaurant bill for her son’s birthday with a business cheque, R55.

24 Mary took supplies from inventory for use at home R110.

You are required to:

1. Record the transactions in the general journal.

2. Post the transactions to these accounts:

a. Supplies inventory.

b. Drawings.

c. Bank.

d. Capital.

3. Assume that, after all transactions and adjustments, the net profit for the month was R640, and complete the capital account.

4. Show how the owner’s equity will be reported in the statement of financial position.

Transcribed Image Text:

Capital: Mary Dadla Supplies inventory Bank 3 400 00 1 800 00 680 00