1. Write up the accounts in the Bill Frisby Ledger for the following transactions, then balance off the accounts and extract a Trial Balance. Sept 1 Started business with $28,700 in the bank Bought goods $31,250 on credit from S & S Wholesale Transfer $11,150 from bank to cash Paid for insurance $3,000 by cash Sold goods $40,000 on credit to Suga Roy Goods for $5,300 returned from Suga Roy Paid office expenses $2,780 by cash 19 22 Owner took $4,200 by cheque for personal use 25 Sold goods $12,300 on credit to Dean Peart 4 5 6 15 18 26 Purchased goods $15,000 on credit from HL Grocery 26 Return goods to S & S Wholesale $6,250 27 28 Received cheque $13,000 from Suga Roy Paid S & S Wholesale $25,000 by cheque Sold good $10,000 by cash 29 30 Received cheque $13,000 from Suga Roy

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1.
Write up the accounts in the Bill Frisby Ledger for the following transactions, then balance off the
accounts and extract a Trial Balance.
Sept 1 Started business with $28,700 in the bank
4
5
Bought goods $31,250 on credit from S & S Wholesale
Transfer $11,150 from bank to cash
6 Paid for insurance $3,000 by cash
15
Sold goods $40,000 on credit to Suga Roy
Goods for $5,300 return from Suga Roy
18
19 Paid office expenses $2,780 by cash
22 Owner took $4,200 by cheque for personal use
25 Sold goods $12,300 on credit to Dean Peart
26 Purchased goods $15,000 on credit from HL Grocery
26 Return goods to S & S Wholesale $6,250
27
28
Received cheque $13,000 from Suga Roy
Paid S & S Wholesale $25,000 by cheque
Sold good $10,000 by cash
29
30 Received cheque $13,000 from Suga Roy
Transcribed Image Text:1. Write up the accounts in the Bill Frisby Ledger for the following transactions, then balance off the accounts and extract a Trial Balance. Sept 1 Started business with $28,700 in the bank 4 5 Bought goods $31,250 on credit from S & S Wholesale Transfer $11,150 from bank to cash 6 Paid for insurance $3,000 by cash 15 Sold goods $40,000 on credit to Suga Roy Goods for $5,300 return from Suga Roy 18 19 Paid office expenses $2,780 by cash 22 Owner took $4,200 by cheque for personal use 25 Sold goods $12,300 on credit to Dean Peart 26 Purchased goods $15,000 on credit from HL Grocery 26 Return goods to S & S Wholesale $6,250 27 28 Received cheque $13,000 from Suga Roy Paid S & S Wholesale $25,000 by cheque Sold good $10,000 by cash 29 30 Received cheque $13,000 from Suga Roy
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