Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

show all working out Marsha is a sole trader who has hired you to take care of his books. He has provided you with the

show all working out

Marsha is a sole trader who has hired you to take care of his books. He has provided you with the following transactions for the month:

2021

January

3

Started Business with a capital of $6,400 in the bank and $5,600 in cash.

4

Bought goods on credit from the following persons: Brown $2,000

5

Sold goods on credit to Jane $4500

6

Paid Rent by cash $1,000.

9

Jane paid $1,500 on her account by cheque

12

We paid the following by Brown $600 by cheque

31

Took $500 from the bank for personal use.

Required:

a. Record the transactions for the month in the:

i. General journal

ii. Ledgers

b. Extract a trial balance as at January 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions