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solve this une 1 Started business with $50,000 cash and a motor vehicle valuing $80,000. 2 Received a cheque representing a loan from City Bank
solve this une 1 Started business with $50,000 cash and a motor vehicle valuing $80,000. 2 Received a cheque representing a loan from City Bank for $125,000. 3 Bought equipment by cheque $25,000. 3 Paid a cheque for $75,000 to cover the costs of goods bought for resale. 5 Received cash of $57,500 for goods bought from us. 5 Purchased an office desk on credit from S&L Office Supplies $82,500. 6 Sold merchandise on credit to Pearly Dress Shop $62,500. 8 Bought goods on credit from Maxwell Designers $46,000. 9 Sold goods on credit to Maxines Dress Shop for $37,500. 11 Paid cash of $7,500 for office stationery. 12 Returned defective goods to Maxwell Designers which cost $3,000. 14 Bought goods on credit from Star Creations $16,250. 14 Sold goods to Dreams Department Store receiving a cheque for $62,500. 16 Pearlys Dress Shop settled their account with cash receiving a discount of 5%. 17 Deposited cash of $36,000 in the business bank account. 18 Maxines Dress shop returned merchandise bought on June 9; valuing $2,700. 19 Paid Maxwell Designers $40,000 in full settlement of the balance outstanding by cheque; having received a discount of $3,000. 20 Paid S&L Office Supplies $42,500 from personal funds. 22 The owner of Big Tree Retail Store took merchandise for his personal use valuing $12,000. 25 Interest income of $7,500 was received in cash. 25 Paid wages by cash $52,000. 27 Paid rent $22,000 by cheque. 27 Paid water rates $15,000 by cash. 27 Paid electricity $30,000 by cheque. Enter the transactions in the following books of original entry: Sales Journal (4 marks) Purchases Journal (4 marks) Returns Inwards Journal. (2 marks) Returns Outwards Journal (2 marks) General Journal (6 marks) Cash Book
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