Date Transaction details 1-Aug-13 Started business by investing $20,000 from personal savings into a business’ bank account and a car and furniture worth…
Date
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Transaction details
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1-Aug-13
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Started business by investing $20,000 from personal savings into a business’ bank account and a car and furniture worth $90,000 and $30,000 respectively.
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2-Aug-13
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Purchased office furniture from Standards for $3,000 paying by cheque.
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4-Aug-13
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Purchased goods for resale from Cedric on credit for $1,200.
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5-Aug-13
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Purchased goods for resale on credit from Dream Roar for $750.
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7-Aug-13
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Took $3,000 from the bank account for cash use.
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8-Aug-13
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Cash sales $900.
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9-Aug-13
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Credit sales to Denni and Manni for $800 and $1,000 respectively.
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9-Aug-13
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Returned goods to Cedric worth $110.
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11-Aug-13
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Cash sales $2,000.
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11-Aug-13
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Purchased goods for resale from Juan Ltd paying by cash $900.
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12-Aug-13
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Paid fuel expenses $200 by cash.
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13-Aug-13
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Manni returned goods amounting to $100.
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14-Aug-13
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Denni paid $350 in cash to his account.
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15-Aug-13
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Sold goods to G. Sandy for $800 on credit.
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16-Aug-13
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Purchased goods on credit from Cedric for $900.
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18-Aug-13
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Paid Dream Roar$500 on their account by cheque.
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20-Aug-13
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Manni paid $600 on her account by cash.
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21-Aug-13
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Took cash of $1,000 for personal use.
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22-Aug-13
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Paid Cedric $1,000 on their account by cheque.
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25-Aug-13
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Paid electricity expenses of $190 by cash.
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26-Aug-13
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Paid water expenses of $160 by cash.
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27-Aug-13
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Paid telephone expenses $200 by cash.
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28-Aug-13
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Received cash of $500 from G. Sandy
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29-Aug-13
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Cash Sales of $1,200.
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Required:
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a) Record the transactions in the relevant journals
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b) Post to respective ledger and sub-ledger accounts
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c) Balance off ledger accounts and extract a Trial Balance
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