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(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
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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20.4X (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 J. Carnegie Loan from: J. Higgins Debtors: 540 4,000 (i) Show the opening entries needed to open a double entry set of books for Mr Gr 1 May 2008. (ii) Open up the necessary accounts in J. Green's ledger to record the above as well succeeding transactions.
Transcribed Image Text:20.4X (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 J. Carnegie Loan from: J. Higgins Debtors: 540 4,000 (i) Show the opening entries needed to open a double entry set of books for Mr Gr 1 May 2008. (ii) Open up the necessary accounts in J. Green's ledger to record the above as well succeeding 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 2007 Premises Office equipment Stock Bank Cash Creditors Loan from bank 2$ 60,000 5,000 20,000 32,500 500 8,000 30,000 (ii) The purchase of a new computer system on credit from Computex Data Services for $20.000 on 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 $3,000 to Ms Chandler who pays for the van by cheque on 30 November 2007. (b) Name three books of original entry apart from the journal.
Transcribed Image Text:20.5X (a) Prepare journal entries to record cach of the following: / () The opening entries of T. Lee who commenced his business on 1 April 2007 Premises Office equipment Stock Bank Cash Creditors Loan from bank 2$ 60,000 5,000 20,000 32,500 500 8,000 30,000 (ii) The purchase of a new computer system on credit from Computex Data Services for $20.000 on 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 on 30 November 2007. (b) Name three books of original entry apart from the journal.
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