A Shows the financial position of a business) tkaspecial accountn Shnwt ali the ontriee in te hanktD) t is a list af balances an the baoksMC20 kit true that the trial balance totak should agree?AA No, there are sometimes good reasons why they differB) Yes except vihere the trial balance is extracted at the year endO Yes, atwaysD) No, because it is nat a balance sheet65Part 1. Introductaon to double entry bo okkeepingReview questions6.1 You are to enter up the necesary accounts for the month of May fram the follaving infor-mation retating to a small printing firm. Then balance aff the accaunts and extract a trial balanceas at 31 May 20K6.20061 Started in business with capital in cash of LB00 and 2,200 in the bank.2 Bought goods on credit from the fallowing persons: J Ward £610 P Green E214M Taylor E174; 5 Gemmill 345; P Tane ES42.4 Sold goods an aredit ta: I Sharpe 34a; GBaycatt 720 F Titmus £1,152.6 Paid rent by canh CI0,I Sharpe paid us his account by cheque 340.10 F Titmus paid us (1,000 by cheque.12 We paid the folloving by cheque M Taylor E174 J Ward E610.15 Paid carriage by cash .8 Hought goods an credit from PGreen 291;S Gemmill 940.21 Soki goods an credit to GBoycatt 10.1 Paid rent by cheque 230.May6.2 inter the fallovang transactions af an antiques shop in the accounts and extract a trial bal-ance as at 31 March 20x6.20X6March1 Started in busines with R,000 in the bank.2 Hought goods an credit from the following persons LFrank ESS0 G ayen 290; P LeeE610.S Cash sales (S10.6 Paid wages in cash E110.7 Sold goods on credit ta: 1 Snow Ez95; K Park 36 8 Tyler (640.9 Bought goods for cash 120.D Hought goads on credit from: GByers £4 10 PLee f1,240,12 Paid wages in cash E110.3 Sold goods on credit to: KPark E6 10; B Tyler (205.15 Bought shop fatures on credit from Stap Ltd E740.17 Paid Glyers by cheque 700.11 We returned goods to PLee E.21 Paid Stop Ltd a cheque for L740.24 I Tyler paid us his accounit by cheque EB4S.27 We returned goods to L Frank L18.30 G Prince lent us E1,000 by cash.n Bought avan paying by cheque f250.6.3A Record the following detait relating to a carpet retailer for the month af November 207and extract a trial balance as at 30 November 20X7:200X7Nov1 Started in business with 115,000 in the bank.3 Hought goods on credit from: J Small £290, F Brown E1,200; T Rae f610; R CharlesES30,S Cash sales 610.6 Paid rent by cheque 175.7 Paid busines rates by cheque E130.11 Sold goods on credit to: TPotts (85; Field E48 T Gray E1,640.17 Paid wages by cash 290,18 We returmed goods to: I Small £18 R Charles 27.66Chapter 6. The trial balance19 Baught goads an credit fram: R Charkes E1 10; TRae 20; F Jack E165.D Goods were returned to us by: 1 Field (6; T Potts (14.1 Haught van on redit from Turnkey Motors (4950.a we paid the following by dheque Small 272; FBrown E1,200; TRae ES00.3 Haught anather van, paying by cheque immediately 4200.26 Received a loan of 750 cash fram 8. Bennet.28 Received cheques from: T Patts 01;1 Field E42.D Proprietar brings a further (900 inta the busines, by a payment into the businessbank account.6,4A Record the following transactions for the manth of January of a small finishing retailer,balance off all the accounts, and then extract a trial balance as at 31 January 208::::: :: ::::::: ::

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MC20 sit true that the trial balance totak should agree? A No, there are sometimes good reasons why they differ 8) Yes except vihere the trial balanceis extracted at the year end O Yes ahways D o, because it is not a balance sheet

MC20 sit true that the trial balance totak should agree? A No, there are sometimes good reasons why they differ 8) Yes except vihere the trial balanceis extracted at the year end O Yes ahways D o, because it is not a balance sheet

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter2: The Basics Of Record Keeping And Financial Statement Preparation: Balance Sheet

Section: Chapter Questions

Problem 8E

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