3. You are to cpen the booksef F Paik, a trader, via the journal ta recore the assets and liabilities.and are then to recard the daily trarisactions for the month of May.May 20091 Assets: Premises £34,000; Van E5,125; Fixtures E810; Stock £5,390. Debtors: P Mullenf140; F Lane E310. Cash at bank E6,24c, Cash in hand £56O. Liebilites: Creditars: 5 Houd£215; J Brown E460.1 Paid storage costs by cheque E40.2 Goods bought on credit from: S Hcod £145; D Main E206, W Tone E96; R Foot E51.3 Goods soid on credir to: J Wison £112; T Cole £154; F Syme E208; I Allen £91; P Wnite£242; F Lane E77,4 Paid for motor expenses in casn E47.7 Cash drawings by proprietor £150.9 Goods sold on credit to: T Cole E58; Fox £121.11 Goods returned to Polk by: Wiison f27; F Syrne E41.14 Bought ariother van on credit from Acai Motcrs Ltd £4,850.16 The fallawing peid Puik their accaunts by cheque less S per cent cash discount: P Mullen,F Lane: / Wiison; F Syme.19 Goods returned by Poik toR Foot E6.22 Goods bougnt an credit from:L Mcle £153, W Wright E191.24 The following accounts were settled by Polk by cheque less 5 per cent cash aiscount:S Hood; / Brovwn; R Fcot.27 Salaries paid by cheque E48C.30 Paid business rates by cheque £132.31 Paid Abel Metors Ltd a cheque for £4,850

A journal entry is an entry that is entered in the company's record book. Every business transaction…

Answered: y cheque £40. dit from: S Hood £145; D…

y cheque £40. dit from: S Hood £145; D Main £206; W T to: J Wilson £112; T Cole £164; F Syme £25 -nses in cash £47. oprietar 150. to: T Cole E68, Fox £11.

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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Question

3. You are to cpen the booksef F Paik, a trader, via the journal ta recore the assets and liabilities.
and are then to recard the daily trarisactions for the month of May.
May 2009
1 Assets: Premises £34,000; Van E5,125; Fixtures E810; Stock £5,390. Debtors: P Mullen
f140; F Lane E310. Cash at bank E6,24c, Cash in hand £56O. Liebilites: Creditars: 5 Houd
£215; J Brown E460.
1 Paid storage costs by cheque E40.
2 Goods bought on credit from: S Hcod £145; D Main E206, W Tone E96; R Foot E51.
3 Goods soid on credir to: J Wison £112; T Cole £154; F Syme E208; I Allen £91; P Wnite
£242; F Lane E77,
4 Paid for motor expenses in casn E47.
7 Cash drawings by proprietor £150.
9 Goods sold on credit to: T Cole E58; Fox £121.
11 Goods returned to Polk by: Wiison f27; F Syrne E41.
14 Bought ariother van on credit from Acai Motcrs Ltd £4,850.
16 The fallawing peid Puik their accaunts by cheque less S per cent cash discount: P Mullen,
F Lane: / Wiison; F Syme.
19 Goods returned by Poik toR Foot E6.
22 Goods bougnt an credit from:L Mcle £153, W Wright E191.
24 The following accounts were settled by Polk by cheque less 5 per cent cash aiscount:
S Hood; / Brovwn; R Fcot.
27 Salaries paid by cheque E48C.
30 Paid business rates by cheque £132.
31 Paid Abel Metors Ltd a cheque for £4,850

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