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The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of an antiques shop in the accounts and extract
The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. March 1 Started in business with S8,000 in the bank. March 2 Bought goods on credit from the following persons: L Frank $550; G Byers $290; P Lee $610. March S Cash sales S510. March 6 Paid wages in cash S110. March 7 Sold goods on credit to: J Snow $295; K Park $360; B Tyler S6-40. March 9 Bought goods for cash S120. March 10 Bought goods on credit from: G Byers $410; P Lee S1,240. March 12 Paid wages in cash $110. March 13 Sold goods on credit to: K Park S610; B Tyler $205. March 15 Bought shop fixtures on credit from Stop Ltd $740. March 17 Paid G Byers by cheque S700. March 18 We returned goods to P Lee s83. March 21 Paid Stop Ltd a cheque for $740. March 24 B Tyler paid us his account by cheque $845. March 27 We returned goods to L Frank $18. March 30 G Prince lent us S1,000 by cash. March 31 Bought a van paying by cheque S6,250 Required Prepare: a) Prepare the ledger accounts in respective ledgers. b) The trial balance as at 31 March 20X6
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