20.4X(a) J. Green's financial position at 1 May 2008 was as follows.$2,910BankCash160EquipmentPremises5,90025,000Creditors: R. Smith890T. Thomas610J. CarnegieLoan from: J. HigginsDebtors:5404,000(i) Show the opening entries needed to open a double entry set of books for Mr Gr1 May 2008.(ii) Open up the necessary accounts in J. Green's ledger to record the above as wellsucceeding transactions. 20.5X (a) Prepare journal entries to record cach of the following:/ () The opening entries of T. Lee who commenced his business on 1 April 2007PremisesOffice equipmentStockBankCashCreditorsLoan from bank2$60,0005,00020,00032,5005008,00030,000(ii) The purchase of a new computer system on credit from Computex Data Services for $20.000on 23 November 2007.(iii) K. Bond owed the company $780 but unfortunately was unable to pay the debt so vOn decid.to write it off as bad on 30 November 2007.(iv) The sale of a second hand van for $3,000 to Ms Chandler who pays for the van by cheque on30 November 2007.(b) Name three books of original entry apart from the journal.

Debit what comes in and Credit what goes out Debit all the expenses/losses and Credit all…

(a) J. Green's financial position at 1 May 2008 was as follows. $ 2,910 Bank Cash 160 Equipment Premises 5,900 25,000 Creditors: R. Smith 890 T. Thomas 610 Debtors: J. Carnegie 540 Loan from: J. Higgins 4,000 (i) Show the opening entries needed to open a double entry set of books for Mr Gr 1 May 2008.

(a) J. Green's financial position at 1 May 2008 was as follows. $ 2,910 Bank Cash 160 Equipment Premises 5,900 25,000 Creditors: R. Smith 890 T. Thomas 610 Debtors: J. Carnegie 540 Loan from: J. Higgins 4,000 (i) Show the opening entries needed to open a double entry set of books for Mr Gr 1 May 2008.

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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