Question
Crown Trading started a business in November 2020 and it provides the following transactions for the month of November 2020: 1. Started the business with
Crown Trading started a business in November 2020 and it provides the following transactions for the month of November 2020: 1. Started the business with a capital of $100,000 by cash 2. Opened bank account with cash balance of $50,000 3. Purchased goods for $27,000 on credit from Orkin Pte Ltd 4. Withdrew goods for personal use for $2,900 5. Bought stationery for office use $150 by cash 6. Received discount from suppliers for a sum of $3,000 by cheque 7. Returned goods to supplier for $3,500 8. Paid salary to staff $8,000 by cheque 9. Sold goods to Goodwill Limited for $4,900 on credit 10. Paid insurance premium of $2,100 by cheque Required: Prepare the journal entries for the above transactions in the books of Crown Trading for the month of November 2020
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