3.5 Enter up the following transactions in the records of E Sangster: 19X7 1 Started business with £10,000 in the bank. July 2 T Cooper lent us £400 in cash. 3 Bought goods on credit from F Jones £840 and S Charles £3,600. 4 Sold goods for cash £200. 6 Took £250 of the cash and paid it into the bank. 8 Sold goods on credit to C Moody £180. 10 Sold goods on credit to J Newman £220. 11 Bought goods on credit from F Jones £370. 12 C Moody returned goods to us £40. 14 Sold goods on credit to H Morgan £190 and J Peat £320. 15 We returned goods to F Jones £140. 17 Bought motor van on credit from Manchester Motors £2,600. 18 Bought office furniture on credit from Faster Supplies Ltd £600. 19 We returned goods to S Charles £110. 20 Bought goods for cash £220. 24 Goods sold for cash £70. 25 Paid money owing to F Jones by cheque £1,070. 26 Goods returned to us by H Morgan £30. 27 Returned some of office furniture costing £160 to Faster Supplies Ltd. 28 E Sangster put a further £500 into the business in the form of cash. 29 Paid Manchester Motors £2,600 by cheque. 31 Bought office furniture for cash £100.

3.5 Enter up the following transactions in the records of E Sangster: 19X7 1 Started business with £10,000 in the bank. July 2 T Cooper lent us £400 in cash. 3 Bought goods on credit from F Jones £840 and S Charles £3,600. 4 Sold goods for cash £200. 6 Took £250 of the cash and paid it into the bank. 8 Sold goods on credit to C Moody £180. 10 Sold goods on credit to J Newman £220. 11 Bought goods on credit from F Jones £370. 12 C Moody returned goods to us £40. 14 Sold goods on credit to H Morgan £190 and J Peat £320. 15 We returned goods to F Jones £140. 17 Bought motor van on credit from Manchester Motors £2,600. 18 Bought office furniture on credit from Faster Supplies Ltd £600. 19 We returned goods to S Charles £110. 20 Bought goods for cash £220. 24 Goods sold for cash £70. 25 Paid money owing to F Jones by cheque £1,070. 26 Goods returned to us by H Morgan £30. 27 Returned some of office furniture costing £160 to Faster Supplies Ltd. 28 E Sangster put a further £500 into the business in the form of cash. 29 Paid Manchester Motors £2,600 by cheque. 31 Bought office furniture for cash £100.

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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