Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

post the transactions below in a general ledger Lola Lewis has loved fashion all her life and grew up wanting to have her very own

post the transactions below in a general ledger
Lola Lewis has loved fashion all her life and grew up wanting to have her very own shop where she could buy and sell different kinds of haute couture clothing. She achieved her goal March 2023. She opened her own clothing shop "Lola's Fabulous Boutique* that sold a wide selection of fashionable clothes. The following information relates to the transactions of Lola's Fabulous Boutique for the first month of operation March 2023.
March 1 started business with, cash, $50,000 and a motor vehicle $140,000
March 2 received a long-term loan from the Victoria National Bank, $260,000 by cheque
March 3 paid for store furniture by cheque $60,000.
March 3 bought merchandise for resale from Forever 32, by cheque $130,000.
March 4 purchased a Display Cabinet, on credit from Appliance Trading Ltd. for $150,000.
March 4 sold merchandise to Macy's Fashion Shop, for cash $110,000.
March 5 sold merchandise on credit to Designer Collections $105,000 and Dee's Fifth
Avenue $95,000.
March 7 bought merchandise on credit from Louis Button $80,000.
March 8 sold merchandise on credit to Tom Ford $80.000.
March 10 bought stationery with the entity's logo for cash $12,000.
March 13 returned unsatisfactory merchandise to Louis Button for $5,000 receiving a credit
note for these goods.
March 15 bought merchandise on credit from Coco Chantal $35.200.
March 16 sold merchandise to Donna Karen receiving a cheque for $135,000
March 17 Designer Collections settled their account with cash receiving a 4% discount.
March 18 lodged cash of $50,000 to the business bank account.
March 19 merchandise valued at $4,500, sold on credit to Dee's Fifth Avenue on March 5,
was returned to Lola. A credit note was given to Dee's Fifth Avenue
March 20 paid Louis Button $69,000 in full settlement of the balance outstanding by cheque
having received a discount of $6,000.
March 22 paid electricity by cheque $60,000, National Water Distribution by cash, water rates $30,000 and Top Shot Security, security fees of $25,000 by cheque
March 25 paid staff salaries by cheque $85,000.
March 28 Lola, took for her personal use a Louis Button ball gown, $18,500
March 30 received commission by cheque of $15,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

Students also viewed these Accounting questions