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Record journal entries for business transactions for month

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Reference no: EM132572913

Question - July transactions for 2019 were as follows:

1. July 2 Received $2800 from accounts receivable

2. July3 Paid $1000 of accounts payable

3. July4 Paid rent for July $700

4. July5 Sent invoice to customer $5600

5. July7 Purchased office equipment for cash $2000

6. July9 Recorded cash sales $800

7. July10 Recorded credit sales $1500

8. July14 Purchased office supplies for cash $330

9. July23 Recorded cash sales $2000

10. July31 Cash drawing by Tim Lane $800

Required -

a. Record Journal entries for the business transactions for the month ended 31 July 2019.

b. Record the transactions in the following ledger accounts for King Sports for the month ended 31 July 2019.

(i) Cash account.

(ii) Accounts receivable.

(iii) Office equipment.

(iv) Rent expense.

(v) Office supplies expense.

(vii) Tim Lane's capital account.

(viii) Sales revenue account.

c. Prepare a trial balance at 31 July 2019.

Reference no: EM132572913

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