Reference no: EM132246490
Question - The account of Erick Omondi & Sons showed the following balances as at 30th June 2018:
Building 300,000
Machinery 240,000
Debtors 30,000
Cash in hand 60,000
Creditors 8000
Capital 622,000
The following transactions during the 1st week of July 2018:
July 1 - bought stock for Cash 20,000
July 2 - Paid a creditor by Cash 5,000
July 3 - Sold goods for cash 10,000
July 4 - Received a check from a debtor 24,000
July 5 - Purchased stock by check 16,000
July 6 - A debtor paid by cash 2,000
Required:
I) Open ledger accounts and enter the balances on 1st July 2018, then record the transactions and balance the account on 7th July 2018.
II) Extract a trial balance as at 7th July 2018.
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