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Pls answer the questions with your detailed explanations, it's much appreciated! On 1 May 20X9 Marshall's cash book showed a cash balance of $224 and
Pls answer the questions with your detailed explanations, it's much appreciated!
On 1 May 20X9 Marshall's cash book showed a cash balance of $224 and an overdraft of $336. During the week ended 6 May the following transactions took place. May 1 Sold $160 of goods to P Dixon on credit. May 1 Withdrew $50 of cash from the bank for business use. May 2 Purchased goods priced at $380 from A Clarke, on credit, less 15% trade discount. May 2 Repaid a debt of $120 owing to R Hill, taking advantage of a 10\% settlement discount. The payment was by cheque. May 3 Sold $45 of goods for cash. May 4 Sold $80 of goods to M Maguire on credit, offering a 12.5% discount if payment made within 7 days. Marshall expects Maguire to take up this discount. May 4 Paid a telephone bill of $210 by cheque. May 4 Purchased $400 of goods on credit from D Daley. May 5 Received a cheque from H Larkin for $180. May 5 Sold $304 of goods to M Donald on credit. May 5 Purchased $135 of goods from Honour Co by cheque. May 6 Received a cheque from D Randle for $482. May 6 Purchased $100 of goods on credit from G Perkins. 4.1 What is the total of the sales day book? 4.2 What is the total of the purchases day bookStep by Step Solution
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