The following are the transactions of Kristine’s business during her first month of trading.
Record each transaction in t-accounts.
(a) Kristine 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 A
(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 X
(h) They pay $400 cash on account of the amount owing to Mr A
(i) They receive $500 from Mrs X
(j) Kristine withdraws $100 cash from the business