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May 4 You are required to post the transactions to the relevant books and complete the updating of all necessary books. May 1, Balances: Assets:

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May 4 You are required to post the transactions to the relevant books and complete the updating of all necessary books. May 1, Balances: Assets: Premises $34,000; Van $5,125; Fixtures $810; Stock $6,390. 2019 Debtors: P Mullen $140; F Lane $310. Cash at bank $6,240; Cash in hand $560. Liabilities: Creditors: S Hood $215; J Brown $460. May 2 Paid storage costs by cheque $40. May 3 Goods bought on credit from: S Hood $145; D Main $206; W Tone $96; R Foot $61. Goods sold on credit to: J Wilson $112; T Cole $164; F Syme $208; J Allen $91;P White $242; F Lane $77. May 5 Paid for motor expenses in cash $47. May 6 Cash drawings by proprietor $150 May 9 Goods sold on credit to: T Cole $68; J Fox $131. May 11 Goods returned to Polk by: J Wilson $27; F Syme $41. May 14 Bought another van by cheque from Abel Motors Ltd $2,850. May 16 The following paid Polk their accounts by cheque less 5 per cent cash discount: P Mullen; F Lane; J Wilson; F Syme. May 19 Goods returned by Polk to R Foot $6. May 22 Goods bought on credit from: L Mole $183; W Wright $191. May 24 The following accounts were settled by Polk by cheque less 5 per cent cash discount: S Hood; J Brown; R Foot. May 27 Salaries paid by cheque $480. May 30 Paid business rates by cheque $132. May 31 Paid Abel Motors Ltd a cheque for $4,850 Break down: Cashbook (25 marks)

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