Question
Ahmed has just started his own business selling computer equipment and software. The following transactions took place during his first month of trading,June 2018. You
Ahmed has just started his own business selling computer equipment and software. The following transactions took place during his first month of trading,June 2018. You are required to enter them into the books of account.
2018
June 1 Started in business with $20,000 in the bank.
June 3 Bought stock of computers for resale $8.000 on credit from Computers
Wholesale Ltd.
June 4 Bought shop fittings paying by cheque, $1,690.
June 8 Bought stock of software for resale, $1,000 paid by cheque.
June 9 Bought motor car paying by cheque, $7,000.
June 12 Sold goods, $1,700 by cheque.
June 16 Returned faulty goods to Computers Wholesale Ltd, $900.
June 20 Sold goods for cash, $340.
June 26 Bought desk and chair for office, $300 paying by cheque.
June 28 Sold goods on credit to Law & Co., $1,600.
June 29 Paid Computers Wholesale Ltd $5,000 on account by cheque.
June 30 Bought goods from Computers Wholesale Ltd on credit, $850.
June 30 Law & Co. return goods, $220.
June 30 Sold goods, $2.300 by cheque.
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Introduction To Managerial Accounting
Authors: Peter C. Brewer
Custom Edition
0077842987, 978-0077842987
