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Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March 1 Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RM1,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 4 6 8 10 11 14 18 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank 23 24 26 28 31

Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March 1 Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RM1,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RMI,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 4 6 8 10 11 14 18 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank 23 24 26 28 31

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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Record the above transactions into the “T” accounts.

Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RM1,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RM1,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 4 8 10 11 14 18 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank. 23 24 26 28 31
Transcribed Image Text:Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This transaction for the month of March: March Cash in hand RM400, cash at bank RM600. Sankey received a cheque for RM1,200 from W. Abbot which was paid directly into the bank. This represented cash sales. Paid wages in cash RM60. Sold goods for cash RM300. Received cash from G. Smart for RM600, in full settlement of a debt of RM640; this was paid directly into the bank. Paid sundry expenses in cash RM48. Purchased goods by cheque for RM1,400. Paid J. Sander a cheque of RM190 in full settlement of a debt of 4 8 10 11 14 18 RM210. Withdrew RM25 from the bank to pay the office cleaning company. Paid wages in cash RM60. Sold goods for cash RM380. Paid salary by cheque RM240. Retained cash amounting to RM600 and paid the remaining to the bank. 23 24 26 28 31
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