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Question 1. State the double entry required for each transaction given in the table. Yellow Cabs Taxi owner, Mathew Jones started his taxi business on
Question 1. State the double entry required for each transaction given in the table.
Yellow Cabs Taxi owner, Mathew Jones started his taxi business on 1 May 2020 by depositing K 140000 into the business bank account. The rest of the transactions for the month of May are as follows: \\begin{tabular}{|l|l|} \\hline 13 & Taxi services provided on credit to City Pharmacy Ltd, for K1800. \\\\ \\hline 18 & Received cash from City Pharmacy Ltd, for an amount of K 1200. \\\\ \\hline 19 & Paid wages K 2400. \\\\ \\hline 20 & Taxi services provided on credit to City Pharmacy Ltd K2 600. \\\\ \\hline 22 & Cash received from City Pharmacy Ltd K2 000. \\\\ \\hline 24 & Purchased fuel on credit from Islander Service Station for K250. \\\\ \\hline 26 & Taxi fare income received in cash for K 1 800. \\\\ \\hline 27 & Purchased a car for K25 000 paying cash. \\\\ \\hline & Paid K400 cash for registration and insurance for the new car . \\\\ \\hline 28 & Paid K200 to Islander Service Station. \\\\ \\hline & Paid wages K2 500. \\\\ \\hline 29 & \\( \\begin{array}{l}\\text { Taxi service expenses paid in cash, K2 500. } \\\\ \\text { deposit. The balance of K14 000 will be paid later. }\\end{array} \\) \\\\ \\hline & Taxi fare income received K2 000. \\\\ \\hline & Additional capital contributed in cash K30 000. \\\\ \\hline \\end{tabular}Step by Step Solution
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