Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A. Write up a three-column Cash Book for Kevin Davis for the month of 2020 August from the following transactions: (18 marks) August 1

image text in transcribed

A. Write up a three-column Cash Book for Kevin Davis for the month of 2020 August from the following transactions: (18 marks) August 1 Balances brought down Bank Overdraft $15 000 and Cash $14 200. 2 Bought printing and postage materials $1 500 by cash 45 8 10 15 25832 Sold goods $13 500 by cheques. Received Rates $3 500 in cash. Paid the following their accounts by cheque receiving a 5% discount: K. Allen $4 000, S. Chin $6 000 G Owen $5 500. The following paid us their account by cheque, being allowed a 5% discount S Brown $6 000, U Bell $3 500 and A Paul $4 500. Bought Furniture $5 600 by cheque Paid for Insurance $2 900 by cash Paid salaries $10 000 by cheque 18 Sold goods $8 000 by cash Received commission $6 500 by cheque 27 B. Post the relevant discount accounts in the General Ledger. (2 marks) (Total 20 marks)

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

Authors: Robert Libby, Patricia Libby, Daniel Short

8th edition

78025559, 978-0078025556

More Books

Students also viewed these Accounting questions

Question

29. What are QTIP trusts, GRATs, and charitable remainder trusts?

Answered: 1 week ago

Question

26. Why have trust funds become especially popular in recent years?

Answered: 1 week ago