Question
QUESTION ONE Mr J Ockey commenced trading as a wholesaler stationer on 1 May 2019 with a capital of 5,000.00 with which he opened a
QUESTION ONE
Mr J Ockey commenced trading as a wholesaler stationer on 1 May 2019 with a capital of 5,000.00 with which he opened a bank account for his business.
During May the following transactions took place.
May 1Bought shop fittings and fixtures from store fitments Ltd for 2,000.00
May 2Purchased goods on credit from Abel 650.00
May 4Sold goods on credit to Bruce 700.00
May 9Purchased goods on credit from Green 300.00
May 11Sold goods on credit to Hill 580.00
May 13Cash sales paid into bank account 200.00
May 16Received cheque from Bruce in settlement of his account
May 17Purchased goods on credit from Kay 800.00
May 18Sold goods on credit to Nailor 360.00
May 19Sent Cheque to Abel in settlement of his account
May 20Paid rent by cheque 200.00
May 21Paid delivery expenses by cheque 50.00
May 24Received from Hill 200.00 on account
May 30Drew cheque for personal expenses 200.00 and assistant wages 320.00
May 31Settled the account of Green.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
17th edition
1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668
