Open the necessary ledger accounts and post the following transactions to them. All transactions took place in the bank account. Sept 1 Martine started business as a florist by paying N300 into a business Bank Account Sept 2 Charline lent to the business N1000 Martine then had the following transactions: Sept 3 Paid rent, N100 Sept 4 Purchased shop fittings, N400 Purchased flowers N300, paying by cheque Sept 5 Received refund of N20 for flowers returned to supplier Sept 6 Sold some flowers and received N40 Sept 7 Paid wages, N60 Sept 8 Withdrew N100 for personal use

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Open the necessary ledger accounts and post the following transactions to them. All transactions took place in the bank account. Sept 1 Martine started business as a florist by paying N300 into a business Bank Account Sept 2 Charline lent to the business N1000 Martine then had the following transactions: Sept 3 Paid rent, N100 Sept 4 Purchased shop fittings, N400 Purchased flowers N300, paying by cheque Sept 5 Received refund of N20 for flowers returned to supplier Sept 6 Sold some flowers and received N40 Sept 7 Paid wages, N60 Sept 8 Withdrew N100 for personal use

 

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education