Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Do the general ledger You are required to post the transactions to the relevant books and complete the updating of all necessary books. May 1,
Do the general ledger You are required to post the transactions to the relevant books and complete the updating of all necessary books. May 1, Balances: Assets: Premises $34,000; Van $5,125; Fixtures $810; Stock $6,390. 2019 Debtors: P Mullen $140; F Lane $310. Cash at bank $6,240; Cash in hand $560. Liabilities: Creditors: S Hood $215; J Brown $460. May 2 Paid storage costs by cheque $40. May 3 Goods bought on credit from: S Hood $145; D Main $206; W Tone $96; R Foot $61. May 4 Goods sold on credit to: J Wilson $112; T Cole $164; F Syme $208; J Allen $91;P White $242; F Lane $77. May 5 Paid for motor expenses in cash $47. May 6 Cash drawings by proprietor $150 May 9 Goods sold on credit to: T Cole S68; J Fox $131. May 11 Goods returned to Polk by: J Wilson $27; F Syme $41. May 14 Bought another van by cheque from Abel Motors Ltd $2,850. May 16 The following paid Polk their accounts by cheque less 5 per cent cash discount: P Mullen; F Lane; J Wilson; F Syme. May 19 Goods returned by Polk to R Foot $6. May 22 Goods bought on credit from: L Mole $183; W Wright $191. May 24 The following accounts were settled by Polk by cheque less 5 per cent cash discount: S Hood; J Brown; R Foot. May 27 Salaries paid by cheque $480. May 30 Paid business rates by cheque $132. May 31 Paid Abel Motors Ltd a cheque for $4,850 General Ledger
Do the general ledger
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started