1. The following details were obtained from the books of Bee's Knees, a retailer located in Kingston 2020 May 1 Started the business with $55,000 in the bank and Fixtures $45,000 May 4 Bought merchandise for $35,000 on credit from Christopher Supplies May 5 Sold merchandise for $17,000 on credit to H. Forest May 12 Sold merchandise $13,000 by cheque May 18 Retumed merchandise $5,000 to Christopher Supplies May 20 Bought computer $12,000 cheque May 21 Sold merchandise $32,000 on credit to P. McIntosh May 22 Bought merchandise $19,000 on credit from M.N. Distributors May 25 Paid for general expenses $6,000 by cheque May 26 Paid utilities $26,000 by cheque May 27 Received $32,000 by cheque from P. McIntosh May 28 Took merchandise amounting to $8,000 for personal use
1. The following details were obtained from the books of Bee's Knees, a retailer located in Kingston 2020 May 1 Started the business with $55,000 in the bank and Fixtures $45,000 May 4 Bought merchandise for $35,000 on credit from Christopher Supplies May 5 Sold merchandise for $17,000 on credit to H. Forest May 12 Sold merchandise $13,000 by cheque May 18 Retumed merchandise $5,000 to Christopher Supplies May 20 Bought computer $12,000 cheque May 21 Sold merchandise $32,000 on credit to P. McIntosh May 22 Bought merchandise $19,000 on credit from M.N. Distributors May 25 Paid for general expenses $6,000 by cheque May 26 Paid utilities $26,000 by cheque May 27 Received $32,000 by cheque from P. McIntosh May 28 Took merchandise amounting to $8,000 for personal use
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Enter the transactions in the general ledger (t-accounts) and balance off these accounts
B. Extract a Trial Balance
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