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Record journal entries for the transactions and post

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Problem - Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank account in ADCB and deposited $20,000. During the month of January 2011 the following transactions took place:

Jan 1 Bought goods for cash 70,000

Jan 2 Sold goods to Steve Co. (Credit) 38,000

Jan 15 Sold goods for cash 9,000

Jan 21 Steve Co. paid by cheque 35,000

Jan 22 Stationery bill paid by cheque 2,000

Jan 22 Telephone bill by cash 500

Jan 31 Paid rent by cash 2,000

Paid salaries by cash 3,000

Withdrew cash personal use 5,000

Required - Record journal entries for the transactions and post them to ledgers.

Reference no: EM133004716

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