MARCH 1 Started the business with sh. 80,000 in the bank. Bought goods on credit from Frank Sh. 5,500. 5 Cash sales Sh.5,100 6. Paid wages in cash Sh.1,100 Sold goods on credit to: Snow Sh.2,950 8 Goods returned by Snow Sh. 500 9. Bought goods credit from Paul Sh. 2,200 12 Goods returned to Paul Sh. 400 15 Bought shop fixtures on credit from Stop Limited for sh.7,400. 21 Paid Stop Limited by cheque Sh. 7,400 24 Snow paid us his account by cheque Sh.2,450 REQUIRED 1) Journal entries recording each of the transactions above (You may omit the narrations) 2) Draw T- Accounts and post the accounts as necessary. Close the accounts and extract balances at the end of the month. 3) Draw the Trial Balance as at 31s* March 2021.

MARCH 1 Started the business with sh. 80,000 in the bank. Bought goods on credit from Frank Sh. 5,500. 5 Cash sales Sh.5,100 6. Paid wages in cash Sh.1,100 Sold goods on credit to: Snow Sh.2,950 8 Goods returned by Snow Sh. 500 9. Bought goods credit from Paul Sh. 2,200 12 Goods returned to Paul Sh. 400 15 Bought shop fixtures on credit from Stop Limited for sh.7,400. 21 Paid Stop Limited by cheque Sh. 7,400 24 Snow paid us his account by cheque Sh.2,450 REQUIRED 1) Journal entries recording each of the transactions above (You may omit the narrations) 2) Draw T- Accounts and post the accounts as necessary. Close the accounts and extract balances at the end of the month. 3) Draw the Trial Balance as at 31s* March 2021.

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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