BALANCING OFF S. Chung a sole Trader started business on July 1, 2020 with 50,000 in the bank. On that same day he bought a motor van by cheque for $ 15,500 and paid rent by cheque $ 14,000, took $11,000 cash out of the bank. During the first month the following transactions took place. Bought goods on credit from A. Ward Paid stationery by cheque Sold goods on credit to T. Francis Received rent by cash Bought goods for cash Sold goods for cash Received cheque from T. Francis Paid A. Ward by cheque Paid wages by cash July 2. 5 10,000 2,000 4,500 2,800 1,500 7,300 2, 200 1,800 5, 600 7 10 12 15 22 27 31 (a) Write up the above transactions in S. Chung Ledger and balance it. (b) Prepare a Trial Balance for S. Chung as at July 31, 2020.

BALANCING OFF S. Chung a sole Trader started business on July 1, 2020 with 50,000 in the bank. On that same day he bought a motor van by cheque for $ 15,500 and paid rent by cheque $ 14,000, took $11,000 cash out of the bank. During the first month the following transactions took place. Bought goods on credit from A. Ward Paid stationery by cheque Sold goods on credit to T. Francis Received rent by cash Bought goods for cash Sold goods for cash Received cheque from T. Francis Paid A. Ward by cheque Paid wages by cash July 2. 5 10,000 2,000 4,500 2,800 1,500 7,300 2, 200 1,800 5, 600 7 10 12 15 22 27 31 (a) Write up the above transactions in S. Chung Ledger and balance it. (b) Prepare a Trial Balance for S. Chung as at July 31, 2020.

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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