Question

Donna Salmon is a retailer of love potions, which she sells in the Spalding Market in Clarendon.

The following details were obtained from the books of Donna Salmon

$2020$

May $1$ Started the business with $$40,000$ in the bank and motor van $$60,000$

May $4$ Bought merchandise for $$35,000$ on credit from Maynard Distributors

May $5$ Sold merchandise for $$20,000$ on credit to N Bell May $12$ Sold merchandise $$20,000$ by cheque May $18$ Returned merchandise $$6,000$ to Maynard Distributors

May $20$ Bought furniture $$5,000$ cheque

May $21$ Sold merchandise $$32,000$ on credit to Bongo Natty May $22$ Bought merchandise $$25,000$ on credit from Kings World

May $25$ Paid for office expenses $$7,000$ by cheque

May $26$ Paid wages $$35,000$ by cheque

May $27$ Received $$20,000$ by cheque from $N$ Bell

May $28$ Took merchandise amounting to $$15,000$ for personal use

Requirements:

A$)$ Enter the following transactions in the relevant Journal and then post to the relevant

ledger $(t-$accounts$),$ and balance off these accounts.

B$)$ Extract a Trial Balance.