You are the Accountant for Ching Wei Tai, a sole trader business operating downtown,Kingston. The following transactions occurred during the year.2021DecemberStarted Business with capital of $16,000 in the bank and $13,600 in cash.Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,8004.5Paid Rent by cash $2,080.6.Marvin paid us his account by cheque $2000Jamie paid us $1,400 by cheque.10We paid the following by cheque: Grant S1,600; Brown $2,000.12Paid Electricity bill by cash $100031The owner, Ching Wei Tai, took $2,400 from the bank for personal use.31Required:Enter the following transactions in the Ledger Accounts (T-Accounts) of Ching Wei TaiBalance off the accounts (where appropriate, do the Balance brought down/BalanceBrought Forward as at January 1, 2022)Extract a trial balance as at December 31, 2021 for Ching Wei Tai.I.II.II

Name: You are the Accountant for Ching Wei Tai, a sole trader business oper
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Description: You are the Accountant for Ching Wei Tai, a sole trader business operating downtown,Kingston. The following transactions occurred during the year.2021DecemberStarted Business with capital of $16,000 in the bank and $13,600 in cash.Bought goods on cr

Cash Debit Credit Date Particulars Amount Date Particulars Amount Dec'3 Ching Wei Tai,…

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You are the Accountant for Ching Wei Tai, a sole trader business operating downtown, Kingston. The following transactions occurred during the year. 2021 December Started Business with capital of $16,000 in the bank and $13,600 in cash. 3. Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000 Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,800 4 5 Paid Rent by cash $2,080. Marvin paid us his account by cheque $2000 9. Jamie paid us $1,400 by cheque. 10 We paid the following by cheque: Grant S1,600; Brown $2,000. 12 Paid Electricity bill by cash $1000 31 The owner, Ching Wei Tai, took $2,400 from the bank for personal use. 31 Required:

You are the Accountant for Ching Wei Tai, a sole trader business operating downtown, Kingston. The following transactions occurred during the year. 2021 December Started Business with capital of $16,000 in the bank and $13,600 in cash. 3. Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000 Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,800 4 5 Paid Rent by cash $2,080. Marvin paid us his account by cheque $2000 9. Jamie paid us $1,400 by cheque. 10 We paid the following by cheque: Grant S1,600; Brown $2,000. 12 Paid Electricity bill by cash $1000 31 The owner, Ching Wei Tai, took $2,400 from the bank for personal use. 31 Required:

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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