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The following transactions took place in his first month of trading: 1 April Capital of 80,000 was introduced by JJ. 75,000 was paid into
The following transactions took place in his first month of trading: 1 April Capital of 80,000 was introduced by JJ. 75,000 was paid into the bank and 5,000 was kept as cash in hand Goods were purchased for 12,000 and paid by cheque 6 April 7 April 7 April 9 April 14 April 18 April account JJ decided to start a business that he runs as a sole proprietor. 20 April 20 April JJ purchases goods worth 2,000 on credit from Tooley Sales of 16,000 were made to Mooney on credit Rent was paid at the cost of 2,800 by cheque Computers and other office equipment were purchased for 40,000 by cheque JJ paid his nicce's nursery school tuition costing 2,000 from the business bank Mooney returns goods worth 200 Tooley offered JJ a 5% cash discount if payment is made within 7 days JJ returns goods which he had originally bought for 320 by cheque J1 withdraws 3,600 cash from the bank 23 April 26 April 26 April JJ pays Tooley account by cheque. Post cach transaction in the appropriate T-accounts Compute the balances in each of the T-accounts Use the amounts in the T-account balances to advice JJ in an email format about the financial state of his business.
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