Enter the following transactions, completing the double entry in the books for the month of May 20X7. May 1 Started in business with £10,000 in the bank. 2 Purchased goods £290 on credit from D James. == == 3 Bought fixtures and fittings £1,150 paying by cheque. 5 Sold goods for cash £140. == 6 Bought goods on credit £325 from C Monty. == 10 Paid rent by cash £200. == 12 Bough: stationery £45, paying in cash. == 18 Goods returned to D James £41. == 21 Received rent of £25 by cheque for sublet of corner space. == 23 Sold goods on credit to G Cross for £845. == 24 Bought a van paying by cheque £4,100. == 30 Paid the month's wages by cash £360. == 31 The proprietor took cash for his own personal use £80.
Enter the following transactions, completing the double entry in the books for the month of May 20X7. May 1 Started in business with £10,000 in the bank. 2 Purchased goods £290 on credit from D James. == == 3 Bought fixtures and fittings £1,150 paying by cheque. 5 Sold goods for cash £140. == 6 Bought goods on credit £325 from C Monty. == 10 Paid rent by cash £200. == 12 Bough: stationery £45, paying in cash. == 18 Goods returned to D James £41. == 21 Received rent of £25 by cheque for sublet of corner space. == 23 Sold goods on credit to G Cross for £845. == 24 Bought a van paying by cheque £4,100. == 30 Paid the month's wages by cash £360. == 31 The proprietor took cash for his own personal use £80.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Enter the following transactions, completing the double entry in the books for the month of May 20X7.
May 1 Started in business with £10,000 in the bank.
== 2 Purchased goods £290 on credit from DJames.
== 3 Bought fixtures and fittings £1,150 paying by cheque.
== 5 Sold goods for cash £140.
== 6 Bought goods on credit £325 from C Monty.
== 10 Paid rent by cash £200.
== 12 Bought stationery £45, paying in cash.
== 18 Goods returned to D James £41.
== 21 Received rent of £25 by cheque for sublet of corner space.
== 23 Sold goods on credit to G Cross for £845.
== 24 Bought a van paying by cheque £4,100.
== 30 Paid the month's wages by cash £360.
== 31 The proprietor took cash for his own personal use £80.
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