ZAP Traders uses the periodic inventory system to account for inventory.

These balances appeared in the general ledger at the beginning of June 20x6:

Transactions for June 20x6 (ignore VAT):

1 The owner increased his capital contribution by depositing R20 000 into the business’s bank account.

2 Received R800 from J. Golf, a receivable who owed R820, in full settlement of his account.

4 Bought goods from T.J. Hooker and Company for cash R2 000.

7 Paid D. Brown R1 010 in full settlement of our account.

9 Received R4 000 for goods sold to M. Prins for cash.

11 Paid these expenses by cheque:

14 Received R2 000 for rent of a building to B.J. Mills and Company.

18 Bought goods from ARJ Distributors and paid by cheque R2 000.

24 Received R2 150 from A. Allen in full settlement of his account.

26 Cash sales of goods, R4 000.

You are required to:

1 Record the transactions in the cash payments and cash receipts journals for June 20x6.

2 Post the journals to the general ledger.

Note that these analysis columns are to be used:

• Cash receipts journal:

– Sales

– Accounts receivable

– Sundry accounts

– Interest expense

• Cash payments journal:

– Purchases

– Accounts payable

– Sundry accounts

– Interest received

Transcribed Image Text:

Inventory Bank Accounts receivable Accounts payable Capital 6 000 00 1 400 00 5 000 00 2 500 00 9 900 00