Answer to Question #104121 in Accounting for Camille Verlac

Question

New Millennium Trading in its first month of operations has appointed you as the Accounts Clerk. You
are required to enter the following transactions in the books of New Millennium using the double entry
system and close / balance all the accounts as at the period ended May 31, 2017.
You are also required to prepare a Trial Balance as at May 31, 2017.
May 1 Started business with $15,000 capital in cash
May 2 Paid $14,000 of the cash into the business bank account
May 3 Bought goods on credit from J. Paul for $592
May 4 Bought a motor van for $3,000 paying by cheque
May 5 Bought goods, paying by cheque $2,100
May 9 Sold goods to E. Samuel for $323 and received a cheque
May 11 Paid for stationery $45 cash
May 14 Cash sales $490
May 18 Goods returned by us to J. Paul, $72
May 19 Bought goods on credit from J. Paul, $67
May 21 Paid for advertising, $60, by cheque
May 30 Paid wages by cheque $540 and motor vehicle fuel $110 by cash.

Answer 1

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