July 1 Started business with £10,000 in the bank. 2 T Cooper lent us £400 in cash. 3 Bought goods on credit from F Jones £840 and S Charles £3,600. 4 Sold goods for cash £200. 6 Took £250 of the cash and paid it into the bank. 8 Sold goods on credit to C Moody £180. 10 Sold goods on credit to J Newman £220. 11 Bought goods on credit from F Jones £370. 12 C Moody returned goods to us £40. 14 Sold goods on credit to H Morgan £190 and J Peat £320. 15 We returned goods to F Jones £140. 17 Bought motor van on credit from Manchester Motors £2,600. 18 Bought office furniture on credit from Faster Supplies Ltd £600.
July 1 Started business with £10,000 in the bank. 2 T Cooper lent us £400 in cash. 3 Bought goods on credit from F Jones £840 and S Charles £3,600. 4 Sold goods for cash £200. 6 Took £250 of the cash and paid it into the bank. 8 Sold goods on credit to C Moody £180. 10 Sold goods on credit to J Newman £220. 11 Bought goods on credit from F Jones £370. 12 C Moody returned goods to us £40. 14 Sold goods on credit to H Morgan £190 and J Peat £320. 15 We returned goods to F Jones £140. 17 Bought motor van on credit from Manchester Motors £2,600. 18 Bought office furniture on credit from Faster Supplies Ltd £600.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![luly 1 Started business with £10,000 in the bank.
2 T Cooper lent us £400 in cash.
3 Bought goods on credit from F Jones £840 and S Charles £3,600.
4 Sold goods for cash £200.
6 Took £250 of the cash and paid it into the bank.
8 Sold goods on credit to C Moody £180.
10 Sold goods on credit to J Newman £220.
11 Bought goods on credit from F Jones £370,
12 C Moody returned goods to us £40.
14 Sold goods on credit to H Morgan £190 and J Peat £320.
15 We returned goods to F Jones £140.
17 Bought motor van on credit from Manchester Motors £2,600.
18 Bought office furniture on credit from Faster Supplies Ltd £600.
19 We returned goóods to S Charles £110.
20 Bought goods for cash £220.
24 Goods sold for cash £70.
25 Paid money owing to F Jones by cheque £1,070.
26 Goods returned to us by H Morgan £30.
27 Returned some of office furniture costing £160 to Faster Supplies Ltd.
28 E Sangster put a further £500 into the business in the form of cash.
29 Paid Manchester Motors £2,600 by cheque.
» 31 Bought office furniture for cash £100.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2423788-9ffd-4322-844d-e4f574d5183d%2Fca5f5d1f-c731-4b9f-b8fa-0bbac53ea03c%2Fv4gy36n_processed.png&w=3840&q=75)
Transcribed Image Text:luly 1 Started business with £10,000 in the bank.
2 T Cooper lent us £400 in cash.
3 Bought goods on credit from F Jones £840 and S Charles £3,600.
4 Sold goods for cash £200.
6 Took £250 of the cash and paid it into the bank.
8 Sold goods on credit to C Moody £180.
10 Sold goods on credit to J Newman £220.
11 Bought goods on credit from F Jones £370,
12 C Moody returned goods to us £40.
14 Sold goods on credit to H Morgan £190 and J Peat £320.
15 We returned goods to F Jones £140.
17 Bought motor van on credit from Manchester Motors £2,600.
18 Bought office furniture on credit from Faster Supplies Ltd £600.
19 We returned goóods to S Charles £110.
20 Bought goods for cash £220.
24 Goods sold for cash £70.
25 Paid money owing to F Jones by cheque £1,070.
26 Goods returned to us by H Morgan £30.
27 Returned some of office furniture costing £160 to Faster Supplies Ltd.
28 E Sangster put a further £500 into the business in the form of cash.
29 Paid Manchester Motors £2,600 by cheque.
» 31 Bought office furniture for cash £100.
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