Question 1

Record the following transactions for the month of January of Thomas Cook, a small finishing retailer,

balance

2022

Jan 1

Jan 2

Jan 3

Jan 4

Jan 5

Jan 6

Jan 8

Jan 10

Jan 11

Jan 14

Jan 15

Jan 16

Jan 18

Jan 21

Jan 24

Jan 26

Jan 29

Jan 30

Jan 30

Jan 31

Jan 31

(Hint: The total balance of the Trial Balance is $16,864.)

off all the accounts, and then extract a trial balance as at January 31, 2022:

Started business with $10,500 cash.

Put $9,000 of the cash into a bank account.

Bought goods for cash $550.

Bought goods on credit from: T. Dry $800; F. Hood $930; M. Smith $160; G. Low $510. Bought stationery on credit from Buttons Ltd $89.

Sold goods on credit to: R. Tong $170; L. Fish $240; M. Singh $326; A. Tom $204.

Paid rent by cheque $220.

Bought fixtures on credit from Chiefs Ltd $610.

Paid salaries in cash $790.

Returned goods to: F. Hood $30; M. Smith $42.

Bought van by cheque $6,500.

Received loan from B Barclay by cheque $2,000.

Goods returned to us by: R. Tong $5; M. Singh $20.

Cash sales $145.

Sold goods on credit to: L. Fish $130; A. Tom $410; R. Pleat $158.

We paid the following by cheque: F. Hood $900; M. Smith $118.

Received cheques from: R. Pleat $158; L. Fish $370.

Received a further loan from B. Barclay by cash $500.

Received $614 cash from A. Tom.

Paid travelling expenses by cash $19.

Paid sundry expenses by cheque $90.