Record the following transactions for the month of January o
Question and Solution
Record the following transactions for the month of January of a small finishing retailer, balance off all the accounts,
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Record the following transactions for the month of January of a small finishing retailer, balance off all the accounts, and then extract a trial balance as at 31 January 20X8: 20X8 Jan 1 Started in business with £10,500 cash. == 2 Put £9,000 of the cash into a bank account. == 3 Bought goods for cash £550. == 4 Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510. == 5 Bought stationery on credit from Buttons Ltd £89. == 6 Sold goods on credit to: R Tong £170; L Fish £240; M Singh £326; A Tom £204. == 8 Paid rent by cheque £220. == 10 Bought fixtures on credit from Chiefs Ltd £610. == 11 Paid salaries in cash £790. == 14 Returned goods to: F Hood £30; M Smith £42. == 15 Bought van by cheque £6,500. == 16 Received loan from B Barclay by cheque £2,000. == 18 Goods returned to us by: R Tong £5; M Singh £20. == 21 Cash sales £145. == 24 Sold goods on credit to: L Fish £130; A Tom £410; R Pleat £158. == 26 We paid the following by cheque: F Hood £900; M Smith £118. == 29 Received cheques from: R Pleat £158; L Fish £370. == 30 Received a further loan from B Barclay by cash £500. == 30 Received £614 cash from A Tom.
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