Answer to Question #164647 in Economics for Celine

Question

Open the accounts ,record all transactions, close off the accounts and prepare the trial balance

• 20x7 nov 1 ,started in business with £15000 in the bank.

• 20x7 nov 3 bought goods on credit from:j small £290,f brown £1200, T Rae £610, R Charles £530.

• 20x7 nov 5 cash sales £610

• 20x7 nov 6 , paid rent by cheque £175

• 20x7 nov 7 ,paid business rates by cheque £130

• 20x7 nov 11 ,sold goods on credit to:t Potts £85; j field £48; t gray £1640

• 20x7 nov 17 ,paid wages by cash £290

• 20x7 nov 18 ,we returned goods to: j small £18; R Charles £ 27

• 20x7 nov 19 ,bought goods on credit from:R Charles £110; t Rae £320; f jack £165

• 20x7 nov 20 ,goods were returned to us by : j field £6; t Potts £14.

• 20x7 nov 21 ,bought van on credit from turnkey motor £4950.

• 20x7 nov 23 ,we paid the following by cheque: j small £272; f brown £12,000; t Rae £500

• 20x7 nov 25 , paying another van by cheque immediately £6200

• 20x7 nov 26 , Receive a loan of £750 cash from B.Bennet

• 20x7 nov 28 ,received cheques from t Potts £71; j field £42

• 20x7 nov 30 ,proprietor brings a further £900 into the business, by payment into the business bank account

Answer 1

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