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Enter the following transactions in the ledger and balance accounts Enter the following transactions in the ledger and balance the accounts. January 1 Started business
Enter the following transactions in the ledger and balance accounts
Enter the following transactions in the ledger and balance the accounts. January 1 Started business with $25,000 cash in bank and $700 cash in hand 2 Bought machinery $8,000; furniture $3,000; and fittings $2,000 by cheque 3 Bought goods on credit for resale $4,000 by cheque 4 Bought goods on credit from T. Lasalie $2,400 4 Paid for stationery \$150 cash 5 Sold goods on credit to A. Pontim $1,200 and J. Joplin $1,600 6 Cash sales $900 A. Pontim returned goods $180 Owner withdrew $200 cash for his personal use. Bought calculator $450 and computer $1,700 both by cheque. Purchased goods for resale $2,000 by cheque. Cash sales $1,400 Deposited $1,000 cash into bank Paid for stationery $380 cash. Paid sundry expenses $80 cash Sold goods on credit to A. Pontim $800 Paid wages $400 cash (w) Enter the following transactions in the ledger and balance the accounts. July. Started business with $20,000 cash 2. Purchased a motor van $8,000 cash and goods for resale $4,000 cash 3. Paid for stationery $250 cash and deposited $6,000 cash into bank 5- Cash sales $600 7 Sold goods on credit to K. Jacobs $700 9 Purchased goods on credit from P. Lee $1,400 10 Bought a typewriter $500 by cheque 11 Returned goods to P. Lee $150 12 Paid for advertising $180 cash 13 Cash sales $900 14 Paid wages $600 cash Step by Step Solution
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