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Mathew started a sport equipment business on 1 March 2022. During March 2022, he made the following transactions: Mar 1 Mathew injected $50,000 funds into
Mathew started a sport equipment business on 1 March 2022. During March 2022, he made the following transactions: Mar 1 Mathew injected $50,000 funds into business bank account. 1 Paid $20,000 by cheque for shop rent. 2 Bought office equipment by cheque at a cost of $3,800. 4 Bought goods costing $1,260 from Mary on credit. 9 Purchases by cheque: $840. 11 Sold goods on credit to Daphne for $1,850. 13 Drawings by cheque: $1,000 16 Returned goods costing $860 to Mary. REQUIRED: a) Express the transactions given into general journal. Write the journal entries for each of the transactions. (8 marks) b) Depict the posting to the relevant ledgers (T accounts) and balance off the bank account. (17 marks)
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