01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods to Kris for $1,300 on credit. 16-Sep Purchased goods on credit from BELL for $1,350. 18-Sep Paid Taylor $1,600 on their account by cheque. 20-Sep Evans paid $800 on his account by cash. 21-Sep Took cash of $1,250 for personal use. 22-Sep Paid BELL Ltd $850 on their account by cheque. 25-Sep Received cash of $900 from Kris 26-Sep Paid electricity expenses of $695 by cash. 27-Sep Paid water expenses of $290 by cash. 28-Sep Paid telephone expenses $450 by cash. 29-Sep Cash sales of $950. Required: Record the transactions in the relevant journals Post to respective ledger and sub-ledger accounts Balance off ledger accounts and extract a Trial Balance
01-Sep Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. 02-Sep Purchased furniture from LEO Ltd for $5,000 paying by cheque. 04-Sep Purchased goods for resale from BELL Ltd on credit for $3,100. 05-Sep Took $1,000 from the bank account for cash use. 07-Sep Purchased goods for resale on credit from Taylor for $2,800 08-Sep Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. 09-Sep Cash sales $700 09-Sep Returned goods to BELL worth $350 11-Sep Cash sales $1,200. 11-Sep Purchased goods for resale from Jaime paying by cash $1,200 12-Sep Paid fuel expenses $1,100 by cash. 13-Sep Evans returned goods amounting to $650. 14-Sep Adrian paid $750 in cash to her account. 15-Sep Sold goods to Kris for $1,300 on credit. 16-Sep Purchased goods on credit from BELL for $1,350. 18-Sep Paid Taylor $1,600 on their account by cheque. 20-Sep Evans paid $800 on his account by cash. 21-Sep Took cash of $1,250 for personal use. 22-Sep Paid BELL Ltd $850 on their account by cheque. 25-Sep Received cash of $900 from Kris 26-Sep Paid electricity expenses of $695 by cash. 27-Sep Paid water expenses of $290 by cash. 28-Sep Paid telephone expenses $450 by cash. 29-Sep Cash sales of $950. Required: Record the transactions in the relevant journals Post to respective ledger and sub-ledger accounts Balance off ledger accounts and extract a Trial Balance
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...
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Question
The following transactions relates to Joshua Woods, a sole trader, during his first month of business:
Date
Transaction details
01-Sep
Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500.
02-Sep
Purchased furniture from LEO Ltd for $5,000 paying by cheque.
04-Sep
Purchased goods for resale from BELL Ltd on credit for $3,100.
05-Sep
Took $1,000 from the bank account for cash use.
07-Sep
Purchased goods for resale on credit from Taylor for $2,800
08-Sep
Credit sales to Adrian and Evans for $3,500 and $2,200 respectively.
09-Sep
Cash sales $700
09-Sep
Returned goods to BELL worth $350
11-Sep
Cash sales $1,200.
11-Sep
Purchased goods for resale from Jaime paying by cash $1,200
12-Sep
Paid fuel expenses $1,100 by cash.
13-Sep
Evans returned goods amounting to $650.
14-Sep
Adrian paid $750 in cash to her account.
15-Sep
Sold goods to Kris for $1,300 on credit.
16-Sep
Purchased goods on credit from BELL for $1,350.
18-Sep
Paid Taylor $1,600 on their account by cheque.
20-Sep
Evans paid $800 on his account by cash.
21-Sep
Took cash of $1,250 for personal use.
22-Sep
Paid BELL Ltd $850 on their account by cheque.
25-Sep
Received cash of $900 from Kris
26-Sep
Paid electricity expenses of $695 by cash.
27-Sep
Paid water expenses of $290 by cash.
28-Sep
Paid telephone expenses $450 by cash.
29-Sep
Cash sales of $950.
Required:
Record the transactions in the relevant journals
Post to respective ledger and sub-ledger accounts
Balance off ledger accounts and extract a Trial Balance
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