Question
The following are the transactions of BENIs business during her first month of trading. Record each transaction in t-accounts. (a) BENI starts a business and
The following are the transactions of BENIs business during her first month of trading. Record each transaction in t-accounts.
(a) BENI starts a business and pays in $5,000 as capital
(b) The business buys a car for $1,000 cash
(c) They buy goods for resale for $500 cash
(d) They buy more goods for resale for $600 on credit from Mr Stone
(e) They pay rent of $200 cash
(f) They sell half the goods for $800 cash
(g) They sell the remaining goods on credit for $900 to Mrs Kerl
(h) They pay $400 cash on account of the amount owing to Mr Stone
(i) They receive $500 from Mrs Kerl
(j) Kristine withdraws $100 cash from the business
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