Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NB: YOU ARE ONLY REQUIRED TO DO THE DOUBLE ENTRY WHICH IS THE T ACCOUNTS Romeo Shakespeare is a retailer of love potions, which he

NB: YOU ARE ONLY REQUIRED TO DO THE DOUBLE ENTRY WHICH IS THE "T" ACCOUNTS Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas. 2020 February 1 Romeo started his shop with $50,000 cash in the business and a shop valued at $30,000 February 4 February 6 business bought merchandise on credit from the Good Witch, $35,600 business paid rent by cash $1,900 February 10 business sold merchandise for cash, $10,500 to Mark Anthony February 12 business paid the Good Witch $25,000 by cash February 14 Romeo took four bottles of love potion from the store, $1,500 for Juliet February 14 business sold merchandise on credit to Helena, $25,000 February 16 business bought furniture (shelves) by cash, $12,000 February 19 business bought merchandise from Luna Love-Good, $5,000 cash February 23 business paid Good Witch cash, $10,600 February 26 Helena returns to the business $2,500 worth of merchandise that didn't work on Paris. February 27 business received a loan from Gringotts, a $30,000 cheque Requirements: A. Enter the transactions in the general ledger (t-accounts), and balance off these accounts B. Extract a Trial Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Double Entry Exercises 40 Full Cycle Accounting Cases With Solutions

Authors: L Castelluzzo

1st Edition

1731173954, 978-1731173959

More Books

Students also viewed these Accounting questions

Question

What are the main objectives of Inventory ?

Answered: 1 week ago

Question

Explain the various inventory management techniques in detail.

Answered: 1 week ago