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Instead of the trial balance, can you show what this would look like as T accounts? 1. Paris started a business on 1 June 2020.
Instead of the trial balance, can you show what this would look like as T accounts?
1. Paris started a business on 1 June 2020. Her first month's transactions are as follows: 1 June Paris started the business with 10,000 in cash. She paid in 9,500 of this amount into the business bank account. The first month's rent of her business premises was paid in cash, amounting to 350. 2 June Paris bought equipment costing 3,400, paying cheque. Inventories costing 8,950 was bought on credit from Oxford Plc. 6 June Inventory was sold for 3,670. The customer paid by bank transfer. 9 June Inventory costing 100 was returned to Oxford Plc. 14 June Inventory was sold on credit to A. Hussain for 5,000 and A. Richard for 300. 16 June Electricity was paid for in cash, amounting to 37. 18 June A. Hussain returned inventory originally sold to him for 200. 24 June The amount owing Oxford Plc was paid by cheque. Paris was given a 2% cash discount. 25 June Inventory costing 6,200 was bought on credit from J. Charles. 28 June The amount owing by A. Hussain was received by cheque. Paris gave A. Hussain a 2.5% cash discount. 30 June 1,750 was paid by cheque for insurance. Required: Record these transactions in Paris' ledger account, balance these off and draw up a trial balance as at 30 June 2020Step by Step Solution
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