Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Record the following details relating to a carpet retailer for the month of November 2017 and extract a trial balance as at 30 November

image text in transcribed

2. Record the following details relating to a carpet retailer for the month of November 2017 and extract a trial balance as at 30 November 2017: 2017 Nov 1 Started in business with $15,000 in the bank. 3 Bought goods on credit from: J Small $290; F Brown $1,200; T Rae $610; R Charles $530. 5 Cash sales $610. 6 Paid rent by cheque $175. 7 Paid business rates by cheque $130. 11 Sold goods on credit to: T Potts $85; J Field $48; T Gray $1,640. 17 Paid wages by cash $290. 18 We returned goods to: J Small $18; R Charles $27. 19 Bought goods on credit from: R Charles $110; T Rae $320; F Jack $165. 20 Goods were returned to us by: J Field $6; T Potts $14. 21 Bought van on credit from Turnkey Motors $4,950. 23 We paid the following by cheque: J Small $272; F Brown $1,200; T Rae $500. 25 Bought another van, paying by cheque immediately $6,200. 26 Received a loan of $750 cash from B. Bennet. 28 Received cheques from: T Potts $71; J Field $42. 30 Proprietor brings a further $900 into the business, by a payment into the business bank account

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting IFRS Principles

Authors: Ilse Lubbe, Goolam Modack, Alex Watson

4th Edition

0199049238, 9780199049233

More Books

Students also viewed these Accounting questions