Answer to Question #271048 in Accounting for Mnyabe

Question

Enter the following transactions in the accounts:

20X9 May 1

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Started in business with £18,000 in the bank. Bought goods on credit from B Hind £1,455. Bought goods on credit from G Smart £472. Sold goods for cash £210.

We returned goods to B Hind £82.

Bought goods on credit from G Smart £370. Sold goods on credit to P Syme £483.

Sold goods for cash £305.

Took £250 of the cash and paid it into the bank. Bought a printer by cheque £620.

Sold goods on credit to H Buchan £394.

P Syme returned goods to us £160.

H Buchan returned goods to us £18.

We returned goods to G Smart £47.

We paid Hind by cheque £1,373.

Bought machinery on credit from A Cobb £419.

Answer 1

Solution:

The transactions have been entered as follows: