Question
Good afternoon, I need help with this problem: Frank owns and manages a small business, which sells doughnuts to various cafs. -On 1 April the
Good afternoon, I need help with this problem:
Frank owns and manages a small business, which sells doughnuts to various cafs.
-On 1 April the balances on his business accounts were as follows:
During April, the following transactions took place: (Note that all cash payments and receipts are through the business bank account.)
-Set out Franks general ledger accounts at 1 April.
-Continuing on, post to the relevant accounts the ten transactions that took place in April.
-Balance off the general ledger accounts.
-Present the trial balance at 1 May.
Many thanks in advance!
Account name Debit () Credit () Capital 40,000 Van 25,000 Bank 10,000 Receivables 17,000 Payables 12,000 52,000 52,000 No. Date Amount Transaction () 12 April 450 Frank pays cash for advertising. 2 3 April 4,400 Frank pays by bank transfer the amount due to a supplier. 37 April 800 Frank withdraws cash for personal use. 4 9 April 2,000 Frank receives payment from a receivable. 511 April 120 Frank pays by debit card for petrol. 615 April 1,800 Frank receives payment from a receivable. 718 April 750 Frank pays insurance by business debit card. 820 April 2,500 Frank purchases products for resale, agreeing 30 days credit terms. 921 April 1,900 Frank invoices a new customer on 30 days credit terms. 1030 April 2,100 Frank purchases products for resale and pays by chequeStep by Step Solution
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