Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas 2020 1. The following details were obtained from the books of Jessica Bailey, a retailer located Kingston Мay 1 Started the business with $40,000 in the bank and motor van $60,000 Мay 4 Bought merchandise for $35,000 on credit from Maynard Distributors May 5 Sold merchandise for $20,000 on credit to N Bell May 12 May 18 May 20 Bought furniture $5,000 cheque Sold merchandise $20,000 by cheque Returned merchandise $6,000 to Maynard Distributors May 21 Sold merchandise $32,000 on credit to Bongo Natty May 22 Bought merchandise $25,000 on credit from Kings World May 25 Paid for office expenses $7,000 by cheque May 26 May 27 Received $20,000 by cheque from N Bell May 28 Took merchandise amounting to $15,000 for personal use Paid wages $35,000 by cheque

Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas 2020 1. The following details were obtained from the books of Jessica Bailey, a retailer located Kingston Мay 1 Started the business with $40,000 in the bank and motor van $60,000 Мay 4 Bought merchandise for $35,000 on credit from Maynard Distributors May 5 Sold merchandise for $20,000 on credit to N Bell May 12 May 18 May 20 Bought furniture $5,000 cheque Sold merchandise $20,000 by cheque Returned merchandise $6,000 to Maynard Distributors May 21 Sold merchandise $32,000 on credit to Bongo Natty May 22 Bought merchandise $25,000 on credit from Kings World May 25 Paid for office expenses $7,000 by cheque May 26 May 27 Received $20,000 by cheque from N Bell May 28 Took merchandise amounting to $15,000 for personal use Paid wages $35,000 by cheque

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

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Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas.
2020
1. The following details were obtained from the books of Jessica Bailey, a retailer located in
Kingston
May 1
May 4
Мay 5
May 12
May 18
May 20 Bought furniture $5,000 cheque
Started the business with $40,000 in the bank and motor van $60,000
Bought merchandise for $35,000 on credit from Maynard Distributors
Sold merchandise for $20,000 on credit toN Bell
Sold merchandise $20,000 by cheque
Returned merchandise $6,000 to Maynard Distributors
May 21
Sold merchandise $32,000 on credit to Bongo Natty
May 22 Bought merchandise $25,000 on credit from Kings World
Paid for office expenses $7,000 by cheque
May 25
May 26
Paid wages $35,000 by cheque
May 27
Received $20,000
cheque from N Bell
May 28
Took merchandise amounting to $15,000 for personal use
Requirements:
A. Enter the transactions in the general ledger (t-accounts), and balance off these accounts
B. Extract a Trial Balance

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