On page 20 in this chapter we opened a set of ledger accounts for Bill Turner's Valuemart, which began business on July 1990. Copy out these accounts leaving space to enter these transactions;

2 July Bill purchased a new fridge for £300, by cheque.

3 July He purchased £500 worth of stock on credit from a supplier called JLK Foods.

4 July He sold an old fridge worth £100 to a friend, Sally Moore, for that amount. She paid £50 in cash and agreed to pay the rest later.

5 July He borrowed a further £500 from his bank and used it to buy an electronic till.

6 July He sold £300 worth of stock for £400 cash.

These are the transactions we used in Section 1.4. They have been repeated for your convenience. Complete the entries for each of the transactions, opening new accounts where necessary. Make certain that every transaction has a debit entry to correspond to each credit entry.

LO.1