Enter the following in the personal accounts (i.e. the credi
Question and Solution
Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other acc
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Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month. After completing this, state which of the balances represent debtors and which represent creditors. 20X8 Sept 1 Sales on credit to J Bee £520; T Day £630; J Soul £240. == 2 Purchases on credit D Blue £390; F Rise £510; P Lee £280. == 8 Sales on credit to T Day £640; L Hope £418. == 10 Purchases on credit from F Rise £92; R James £870. == 12 Returns inwards from J Soul £25; T Day £190. == 17 We returned goods to F Rise £12; R James £84. == 20 We paid D Blue by cheque £390. == 24 J Bee paid us by cheque £400. == 26 We paid R James by cheque £766. == 28 J Bee paid us by cash £80. == 30 L Hope pays us by cheque £418.
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