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Q2.a. Enter the following transactions in the Journals of L Linda: 20X7 July 1 started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H. Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We returned goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returned goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Brown by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Returned some of office fumiture costing £180 to J Winter Ltd. 27L Linda put a further £2,500 into the business in the form of cash. 30 Paid Aberdeen Cars Ltd £4,370 by cheque. 31 Bought office furniture for cash £365.

Q2.a. Enter the following transactions in the Journals of L Linda: 20X7 July 1 started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H. Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We returned goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returned goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Brown by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Returned some of office fumiture costing £180 to J Winter Ltd. 27L Linda put a further £2,500 into the business in the form of cash. 30 Paid Aberdeen Cars Ltd £4,370 by cheque. 31 Bought office furniture for cash £365.

FINANCIAL ACCOUNTING
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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Q2.a. Enter the following transactions in the Journals ofL Linda: 20X7 July 1 started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H. Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We returned goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returmed goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Browm by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Returned some of office fumiture costing £180 to J Winter Ltd. p7L Linda put a further £2,500 into the business in the form of cash. 30 Paid Aberdeen Cars Ltd £4,370 by cheque. 31 Bought office furniture for cash £365.
Transcribed Image Text:Q2.a. Enter the following transactions in the Journals ofL Linda: 20X7 July 1 started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought goods on credit from B Brown £1,530 and I Jess £4,162. 3 Sold goods for cash £1,910. 6 Took £200 of the cash and paid it into the bank. 6 Sold goods on credit to H Rise £1,374. 8 Sold goods on credit to P Taylor £341. 9 Bought goods on credit from B Brown £488. 10 H. Rise returned goods to us £65. 11 Sold goods on credit to G Pate £535 and R Sim £262. 12 We returned goods to B Brown £94 13 Bought van on credit from Aberdeen Cars Ltd £4,370. 18 Bought office furniture on credit from J Winter Ltd £1,800. 19 We returmed goods to I Jess £130. 20 Bought goods for cash £390. 22 Goods sold for cash £110. 23 Paid money owing to B Browm by cheque £1,924. 24 Goods returned to us by G Pate £34. 26 Returned some of office fumiture costing £180 to J Winter Ltd. p7L Linda put a further £2,500 into the business in the form of cash. 30 Paid Aberdeen Cars Ltd £4,370 by cheque. 31 Bought office furniture for cash £365.
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