6.4A Record the following transactions for the month of January of a small finishing retailer,balance-off all the accounts, and then extract a trial balance as at 30 June.June 1 Started in business with £10,500 cash.23456810Bought fixtures on time from Chiefs Ltd £610.Paid salaries in cash £790.1114Returned goods to: F. Hood £30; M. Smith £42.15 Bought van by cheque £6,500.Received loan from B. Barclay by cheque £2,000.Goods returned to us by: R. Tong £5; M. Singh £20.Cash sales £145.1618212426Put £9,000 of the cash into a bank account.Bought goods for cash £550.Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510.Bought stationery on time from Buttons Ltd £89.Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204.Paid rent by cheque £220.293030Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158.We paid the following by cheque: F. Hood £900; M. Smith £118.Received cheques from: R. Pleat £158; L. Fish £370.Received a further loan from B. Barclay by cash £500.Received £614 cash from A. Tom.

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Description: 6.4A Record the following transactions for the month of January of a small finishing retailer,balance-off all the accounts, and then extract a trial balance as at 30 June.June 1 Started in business with £10,500 cash.23456810Bought fixtures on time f

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6.4A Record the following transactions for the month of January of a small finishing retailer, balance-off all the accounts, and then extract a trial balance as at 30 June. Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. 3 4 Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Bought stationery on time from Buttons Ltd £89. 5 6 Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. June 1 2 8 10 11 14 Returned goods to: F. Hood £30; M. Smith £42. Bought van by cheque £6,500. 15 16 Received loan from B. Barclay by cheque £2,000. Goods returned to us by: R. Tong £5; M. Singh £20. Cash sales £145. 18 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. We paid the following by cheque: F. Hood £900; M. Smith £118. Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay by cash £500. Received £614 cash from A. Tom. 21 24 26 29 30 30

6.4A Record the following transactions for the month of January of a small finishing retailer, balance-off all the accounts, and then extract a trial balance as at 30 June. Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. 3 4 Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Bought stationery on time from Buttons Ltd £89. 5 6 Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. June 1 2 8 10 11 14 Returned goods to: F. Hood £30; M. Smith £42. Bought van by cheque £6,500. 15 16 Received loan from B. Barclay by cheque £2,000. Goods returned to us by: R. Tong £5; M. Singh £20. Cash sales £145. 18 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. We paid the following by cheque: F. Hood £900; M. Smith £118. Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay by cash £500. Received £614 cash from A. Tom. 21 24 26 29 30 30

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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6.4A Record the following transactions for the month of January of a small finishing retailer,
balance-off all the accounts, and then extract a trial balance as at 30 June.
June 1 Started in business with £10,500 cash.
2
3
4
5
6
8
10
Bought fixtures on time from Chiefs Ltd £610.
Paid salaries in cash £790.
11
14
Returned goods to: F. Hood £30; M. Smith £42.
15 Bought van by cheque £6,500.
Received loan from B. Barclay by cheque £2,000.
Goods returned to us by: R. Tong £5; M. Singh £20.
Cash sales £145.
16
18
21
24
26
Put £9,000 of the cash into a bank account.
Bought goods for cash £550.
Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510.
Bought stationery on time from Buttons Ltd £89.
Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204.
Paid rent by cheque £220.
29
30
30
Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158.
We paid the following by cheque: F. Hood £900; M. Smith £118.
Received cheques from: R. Pleat £158; L. Fish £370.
Received a further loan from B. Barclay by cash £500.
Received £614 cash from A. Tom.

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Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
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