Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ll give thumbs up need it urgent 3 7 LYH Enterprise started business on 1 October 2017 with $180,000 in the business bank current account
ll give thumbs up need it urgent
3 7 LYH Enterprise started business on 1 October 2017 with $180,000 in the business bank current account and $5,000 cash The business provides you with the following transactions during October 2017 : October 1 Paid for October shop rental by cheque $6,000 2 Bought furniture and fittings $9.000 by cheque Purchased stationery for office use by cash $200 Bought goods by cheque $45,000 10 Purchased goods for on credit from PJF Ltd $24,000 Cash sales banked in $12,000 Sold goods on credit to RET Enterprise for S14,000 Paid wages $1,500 by cash Goods returned by RET Enterprise $4,000 Goods sold on credit to Wu Company $33,600 30 Received cheque from RET Enterprise $10,000 less discounts allowed 5400 11 12 16 19 26 Note : Inventory as at 31 October 2017 was valued at $43,000 REQUIRED : (a) Prepare ledger accounts to record the above transactions (b) Extract a trial balance as at 31 October 2017 (c) Draw up an income statement for the month of October 2017 Construct a balance sheet as at 31 October 2017Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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