The following transactions relates to Joshua Woods, a sole trader, during his first month of business: Date Transaction details 01-Sep Started business by investing $10,000 from personal savings into a business' bank account
The following transactions relates to Joshua Woods, a sole trader, during his first month of business:
Date |
Transaction details |
01-Sep |
Started business by investing $10,000 from personal savings into a business' bank account and Computer Equipment worth $7,500. |
02-Sep |
Purchased furniture from LEO Ltd for $5,000 paying by cheque. |
04-Sep |
Purchased goods for resale from BELL Ltd on credit for $3,100. |
05-Sep |
Took $1,000 from the bank account for cash use. |
07-Sep |
Purchased goods for resale on credit from Taylor for $2,800 |
08-Sep |
Credit sales to Adrian and Evans for $3,500 and $2,200 respectively. |
09-Sep |
Cash sales $700 |
09-Sep |
Returned goods to BELL worth $350 |
11-Sep |
Cash sales $1,200. |
11-Sep |
Purchased goods for resale from Jaime paying by cash $1,200 |
12-Sep |
Paid fuel expenses $1,100 by cash. |
13-Sep |
Evans returned goods amounting to $650. |
14-Sep |
Adrian paid $750 in cash to her account. |
15-Sep |
Sold goods to Kris for $1,300 on credit. |
16-Sep |
Purchased goods on credit from BELL for $1,350. |
18-Sep |
Paid Taylor $1,600 on their account by cheque. |
20-Sep |
Evans paid $800 on his account by cash. |
21-Sep |
Took cash of $1,250 for personal use. |
22-Sep |
Paid BELL Ltd $850 on their account by cheque. |
25-Sep |
Received cash of $900 from Kris |
26-Sep |
Paid electricity expenses of $695 by cash. |
27-Sep |
Paid water expenses of $290 by cash. |
28-Sep |
Paid telephone expenses $450 by cash. |
29-Sep |
Cash sales of $950. |
Required:
- Record the transactions in the respective journals.
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