20.1 Show the journal entries to record the following: 2007 Jan 1 Bought computer system on credit from Data Systems Ltd for $4,000. Jan 5 Goods taken from the business for own use, $120. The goods were not paid for by the proprietor Jan 8 A debt of $220 owing to us by J. Oddy is written off as a bad debt. Jan 15 Bought a motor vehicle from Nasrad Garage Ltd paying by cheque, $15,500. Jan 29 J. Spencer owes us $250. She is unable to pay her debt and we agree to take some ting cabinets valued at $250 from her to cancel the debt. Narratives are not required. 4.com to he defined be credit (g) Bought motor van by cash. 4.4 Complete the following table showing which accounts are to be debited and which to be credited. (a) Bought motor lorry for cash. (b) Paid creditor, T. Lue, by cheque. (c) Repaid P. Lopez's loan by cash. (d) Sold motor lorry for cash. (e) Bought office machinery on credit from Ultra Ltd. (1) A debtor, A. Hill, pays us by cash. (g) A debtor, J. Cross, pays us by cheque. (h) Put a further amount into the business by cheque. (i) A loan of S200 in cash is received from L. Lowe. 6) Paid a creditor, D. Lord, by cash. a Principles of to be deed a 4.3X Complete the following table. (a) Bought office machinery on credit from D. Isaacs Ltd. (b) Paid a creditur. C. Jones, from owner's private monies outside the firm. (c) A debtor, N. Fox, paid us in cash. (d) Repaid part of loan from P. Exeter by cheque. (e) Returned some of the office machinery to D. Isaacs Ltd. (0) A debtor, N. Lyn, pays us by cheque. (g) Bought motor van by cash. 160 20.4X (a) J. Green's financial position at May 2008 was as follows. 5 Bank 2,910 Cash Equipment 5,900 Premises 25,000 Creditors: R. Smith 890 T. Thomas 610 Debtors: J. Carnegie 540 Loan from: J. Higgins 4,000 Show the opening entries needed to open a double entry set of books for Mr Green as at 1 May 2008 (i) Open up the necessary accounts in J. Green's ledger to record the above as well as the succeeding transactions. (b) During May 2008 J. Green's transactions were as follows. 2008 May 2 Bought goods from 1. Thomas on credit, $2,100 May 5. Paid R. Smith on account by cheque, $500. May 24 Sold goods to J. Carnegie on credit, $2,220. May 31 Total cash sales for the month $8,560, of which $8,000 banked on 31 May. May 12 Repaid J. Higgins by cheque, $1,000. May 31 J. Carnegie returned goods to us, $400. May 31 Paid loan interest to J. Higgins by cheque, $200. cash book needs balancing down. con are required to post all accounts and to extract a trial balance as at 31 May 2008, but only the Note: Sales, purchases and returns day books (journals) are not needed. 209