Denise Shelley started a new business on 1 August 20-7. In your ledger write up the double
Question:
Denise Shelley started a new business on 1 August 20-7. In your ledger write up the double entry accounts needed to record the following transactions:
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Aug 1 Started business with 5,000 in a business bank account 2 Bought goods on credit from Smith & Weston costing 359.20 plus VAT 62.86, invoice total 422.06 5 Sold goods on credit to H. Gibson priced at 280.69 plus VAT 49.12, total invoice 329.81 7 Returned goods to Smith & Weston costing 38.75 plus VAT 6.78; a credit note for 45.53 is received 10 Withdrew 300 cash from the bank and placed it in the cash till for use in the business 12 Denise Shelley took 150 by cheque for her private use 15 Paid rent of 280 in cash 19 Goods returned by H. Gibson priced at 40.00 plus VAT 7.00; a credit note for 47.00 is issued 21 Received part of the amount owing from H. Gibson, 200 in cash. 22 Paid wages in cash 175 23 Bought goods on credit from Dale Supplies costing 620.54 plus VAT 108.59, total invoice 729.13 24 Sold goods on credit to J. Youngman 278.54 plus VAT 48.74, total invoice 327.28 27 Goods returned to Dale Supplies costing 57.50 plus VAT 10.06; a credit note for 67.56 is received 28 Received rent of 50 in cash for part of premises sublet 31 Paid Smith & Weston 250.00 by cheque
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