Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. 20X6 March --1 Started in business with £8,000 in the bank. == 2 Bought goods on credit from the following persons: L Frank £550; G Byers £290; P Lee £610. -- 5 Cash sales £510. == 6 Paid wages in cash £110. -- 7 Sold goods on credit to: J Snow £295; K Park £360; B Tyler £640. == 9 Bought goods for cash £120. -- 10 Bought goods on credit from: G Byers £ £410; P Lee £ == 12 Paid wages in cash £110. -- 13 Sold goods on credit to: K Park £610; B Tyler £205. == 15 Bought shop fixtures on credit from Stop Ltd £740. -- 17 Paid G Byers by cheque £700. =- 18 We returned goods to P Lee £83. =- 21 Paid Stop Ltd a cheque for £740. -- 24 B Tyler paid us his account by cheque £845. -- 27 We returned goods to L Frank £18. == 30 G Prince lent us £1,000 by cash. -- 31 Bought a van paying by cheque £6,250.

Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. 20X6 March --1 Started in business with £8,000 in the bank. == 2 Bought goods on credit from the following persons: L Frank £550; G Byers £290; P Lee £610. -- 5 Cash sales £510. == 6 Paid wages in cash £110. -- 7 Sold goods on credit to: J Snow £295; K Park £360; B Tyler £640. == 9 Bought goods for cash £120. -- 10 Bought goods on credit from: G Byers £ £410; P Lee £ == 12 Paid wages in cash £110. -- 13 Sold goods on credit to: K Park £610; B Tyler £205. == 15 Bought shop fixtures on credit from Stop Ltd £740. -- 17 Paid G Byers by cheque £700. =- 18 We returned goods to P Lee £83. =- 21 Paid Stop Ltd a cheque for £740. -- 24 B Tyler paid us his account by cheque £845. -- 27 We returned goods to L Frank £18. == 30 G Prince lent us £1,000 by cash. -- 31 Bought a van paying by cheque £6,250.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Kindly answer #4 will surely given an upvote thank you
All blanks need to be filled please and thank you, it's incomplete as of now.
Closing entries have two purposes. What are they?
Explain the difference between an original journal entry and an adjusting journal entry?
Please provide only typed answer solution no handwritten solution needed allowed... Please do it neat and clean correctly.
can you explain why the answer for the third part is option number 2 from the selection of answers
Answer each of the following independent question: a and b
answer all incorrect
where is the correcting entry of the following?
What exactly are reversing entries, and why do they exist?
Briefly discuss the nature of Single entry and double entry system.
Wendy Marvel sold $260,000 of its inventory to Carla during 2021 for $400,000. Carla sold $300,000 of this merchandise in 2021 with the remainder to be disposed of during 2022. Assume Wendy Marvel owns 35% of Carla and has the ability to exert significant influence over Carla. What journal entry will be recorded at the end of 2021 to defer the recognition of the investor's share of the intra- entity gross profits? A) Equity in Carla B) C) D) Investment in Carla Investment in Carla Equity in Carla Equity in Carla Investment in Carla Investment in Carla Equity in Carla $35,000 $35,000 $12,250 $12,250 35,000 $35,000 $12,250 $12,250