Office Depot is an office supplies retailer. In the month of December 2017 it has the following transactions. In the space below, fill in the entries into the double-ledger system (T-accounts). And balance the accounts. You open other accounts as you deemed fit. 12/01 Started in business with £ 60,000 capital deposited in cash. 12/03 Bought a new retail store for £750 000 using a mortgage. 12/04 Bought inventory for £50 000 on credit. 12/05 Took out a loan of £100 000 in cash. 12/09 Used the cash loan from 12/05 to buy £100 000 worth of store furniture. 12/13 Sold goods worth £200 000 to Mr. Black and received cash for half of the amount. 12/14 Received an electricity bill of £15 000 from "Electrix" but will pay next month. 12/16 Sold inventories bought on 12/04 at a premium of £10 000, cash received. 12/18 Received cash for the rest of the payment from Mr. Black.
Office Depot is an office supplies retailer. In the month of December 2017 it has the following transactions. In the space below, fill in the entries into the double-ledger system (T-accounts). And balance the accounts. You open other accounts as you deemed fit. 12/01 Started in business with £ 60,000 capital deposited in cash. 12/03 Bought a new retail store for £750 000 using a mortgage. 12/04 Bought inventory for £50 000 on credit. 12/05 Took out a loan of £100 000 in cash. 12/09 Used the cash loan from 12/05 to buy £100 000 worth of store furniture. 12/13 Sold goods worth £200 000 to Mr. Black and received cash for half of the amount. 12/14 Received an electricity bill of £15 000 from "Electrix" but will pay next month. 12/16 Sold inventories bought on 12/04 at a premium of £10 000, cash received. 12/18 Received cash for the rest of the payment from Mr. Black.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Office Depot is an office supplies retailer. In the month of December 2017 it has the
following transactions. In the space below, fill in the entries into the double-ledger
system (T-accounts). And balance the accounts. You open other accounts as you
deemed fit.
12/01 Started in business with £ 60,000 capital deposited in cash.
12/03 Bought a new retail store for £750 000 using a mortgage.
12/04 Bought inventory for £50 000 on credit.
12/05 Took out a loan of £100 000 in cash.
12/09 Used the cash loan from 12/05 to buy £100 000 worth of store furniture.
12/13 Sold goods worth £200 000 to Mr. Black and received cash for half of the amount.
12/14 Received an electricity bill of £15 000 from "Electrix" but will pay next month.
12/16 Sold inventories bought on 12/04 at a premium of £10 000, cash received.
12/18 Received cash for the rest of the payment from Mr. Black.
Transcribed Image Text:TRIAL BALANCE
£
Capital
Cash
Store
Mortgage
Purchases
Loan
Furniture
Sales
Payables
Electricty Bill
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