Question
Write up the asset, liability and equity accounts in the ledger of N. Morrison to record these transactions. 2019 April 1 Started business with $14,
Write up the asset, liability and equity accounts in the ledger of N. Morrison to record these transactions. 2019 April 1 Started business with $14, 000 cash. 2 Paid $13,600 of the opening cash into a bank account for the business. 3 Bought shop fittings on credit from Lawrence Ltd. for $600. 5 Bought a motor van, paying by cheque $4, 000. 6 A. Lee lent us $500 by cheque. 7 Bought another motor van on credit from Pear Tree Garage $2,800. 10 Bought shop fittings for cash $350. 14 Returned some of the shop fittings costing $150 to Lawrence Ltd. as they were unsuitable. 16 Took $300 out of the bank and put it into the cash till. 18 Bought machinery for cash $280. 21 Paid Lawrence Ltd. the amount owing to them by cheque. 23 Repaid part of Lees loan by cheque $200. 28 Bought machinery on credit from Better Built Ltd. for $1,300. 31 Paid Pear Tree Garage by cheque $2, 800.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started