Answer to Question #142147 in Accounting for Kai

Question

Monica started a business on 1st January 2018. The following are her transactions:

Jan 1st : capital $20,000 was paid into a business bank account.

Jan 2nd : paid rent $500 by cheque

Jan 4th : returned goods $100 to Jake

Jan 7th : sold goods $1700 on credit to Clara

Jan 9th : paid $3000 by cheque to Jake

Jan 12th : Clara paid $1000 by cheque

Jan 13th : paid office expenses in cash $20

Jan 14th : cash sales $1500

Jan 15th : cash withdrawn for personal use $500



Record the above transactions using the double entry system and bring down the balance on 1st Feb 2018.

Answer 1

Dear Kai, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order