9.7X Enter the following items in the necessary personal accounts; do not write up the other accounts. Balance each personal account at the end of the month. 2017 Sales on credit to L. Sterling $445, L. Lindo $480, R. Spencer $221. Aug 1 Goods returned to us by L. Sterling $15, R. Spencer $33. Aug 4 Sales on credit to L. Lindo $66, R. Spencer $129, L. Banks $465. Aug 8 Aug 9 We received a cheque for $430 from L. Sterling. Aug 12 Sales on credit to R. Spencer $235, L. Banks $777. Goods returned to us by L. Banks $21, R. Spencer $25. Aug 19 We received cheques as follows: R. Spencer $300, L. Lindo $414. Aug 22 Sales on credit to L. Lindo $887, L. Banks $442, Aug 31

9.7X Enter the following items in the necessary personal accounts; do not write up the other accounts. Balance each personal account at the end of the month. 2017 Sales on credit to L. Sterling $445, L. Lindo $480, R. Spencer $221. Aug 1 Goods returned to us by L. Sterling $15, R. Spencer $33. Aug 4 Sales on credit to L. Lindo $66, R. Spencer $129, L. Banks $465. Aug 8 Aug 9 We received a cheque for $430 from L. Sterling. Aug 12 Sales on credit to R. Spencer $235, L. Banks $777. Goods returned to us by L. Banks $21, R. Spencer $25. Aug 19 We received cheques as follows: R. Spencer $300, L. Lindo $414. Aug 22 Sales on credit to L. Lindo $887, L. Banks $442, Aug 31

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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Hi can you post this transaction for me please
Enter the following transaction in the ledger accounts and balance them October 2020: 1 Started in business with Ksh. 75,000 cash. 3 Bought goods for cash Ksh. 11,000. 7 Bought goods on credit Ksh. 32,000 from F Herd. 10 Sold goods for cash Ksh. 6,400. 14 Returned goods to F Herd Ksh. 4,600. 18 Bought goods on credit Ksh. 41,400 from D Exodus. 21 Returned goods to D Exodus Ksh. 3,100. 24 Sold goods to B Squire Ksh. 8,200 on credit. 25 Paid F Herd’s account by cash Ksh. 27,400. 31 B Squire paid us his account in cash Ksh. Ksh. 8,200.
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Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL VAT AMOUNT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability