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Question 2 The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of an antiques shop in the accounts and
Question 2 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 $8,000 in the bank. March 2 Bought goods on credit from the following persons: L Frank SS50, G Byers $290; P Lee $610. March 5 Cash sales 5510 March 6 Paid wages in cash S110. March 7 Sold goods on credit to: Snow $295; K Park $360; B Tyler $640. March 9 Bought goods for cash $120. March 10 Bought goods on credit from: G Byers S410; P Lee $1,240. March 12 Paid wages in cash $110. March 13 Sold goods on credit to: K Park $610;B Tyler S205. March 15 Bought shop fixtures on credit from Stop Lid $740. March 17 Paid G Byers by cheque $700. March 18 We returned goods to P Lee $83. March 21 Paid Stop Ltd a cheque for 5740. March 24 B Tyler paid us his account by cheque 5845. March 27 We returned goods to L Frank $18. March 30 G Prince lent us 1,000 by cash. March 31 Bought a van paying by cheque 56.250 Required Prepare: a) Prepare the ledger accounts in respective ledgers. b) The trial balance as at 31 March 20X6
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