Reference no: EM133141690
Question - 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, and prepare the Trial balance.
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