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1 the following entries in the appropriate journals for Marshall Trading Limited for the 021 and then post to the appropriate ledger accounts: Propri bis cum funds in big business

1 the following entries in the appropriate journals for Marshall Trading Limited for the 021 and then post to the appropriate ledger accounts: Propri bis cum funds in big business

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Record the following entries in the appropriate journals for Marshall Trading Limited for the year 2021 and then post to the appropriate ledger accounts: Jan 1: Proprietor introduced the following from his own funds in his business: a) Motor Vehicle valued at $1,500,000 b) Paid the first month's rent of $50,000 on behalf of the business c) Lodged cash of $100,000 to the business bank account d) Purchased inventory valued at $480,000 for resale in the business Jan 2: Bought computers on credit from Computers Wholesale Ltd. For $200,000 Sold goods on credit to B. Lamb for $70,000 Jan 5: Jan 7: Cash Sale of $45,000 was made. Jan 9: Purchases made on credit for $375,000 from Credit All Enterprises Jan 11: Good valued at $5,000 was returned by B. Lamb Jan 15: We returned defective goods to Credit All Enterprises valued at $15,000 Jan 20: Paid electricity bill online for $15,000 Jan 25: Paid salaries by way of direct transfer into staff bank accounts $60,000 Jan 26: Bought stationery for cash $5,000 Jan 30: B. Lamb settled his account by cheque. Make sure to include appropriate headings, folio and narrative and balance off all accounts a necessary.
Transcribed Image Text:Record the following entries in the appropriate journals for Marshall Trading Limited for the year 2021 and then post to the appropriate ledger accounts: Jan 1: Proprietor introduced the following from his own funds in his business: a) Motor Vehicle valued at $1,500,000 b) Paid the first month's rent of $50,000 on behalf of the business c) Lodged cash of $100,000 to the business bank account d) Purchased inventory valued at $480,000 for resale in the business Jan 2: Bought computers on credit from Computers Wholesale Ltd. For $200,000 Sold goods on credit to B. Lamb for $70,000 Jan 5: Jan 7: Cash Sale of $45,000 was made. Jan 9: Purchases made on credit for $375,000 from Credit All Enterprises Jan 11: Good valued at $5,000 was returned by B. Lamb Jan 15: We returned defective goods to Credit All Enterprises valued at $15,000 Jan 20: Paid electricity bill online for $15,000 Jan 25: Paid salaries by way of direct transfer into staff bank accounts $60,000 Jan 26: Bought stationery for cash $5,000 Jan 30: B. Lamb settled his account by cheque. Make sure to include appropriate headings, folio and narrative and balance off all accounts a necessary.
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