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

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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