Reference no: EM132760238

Problem - The following transactions relate to Zoe's business for the month of June 2018:

June, 1 Zoe started the business with $20000 paid into a business bank account.

June, 3 Van purchased for $5000 paying by cheque.

June 5 Bought goods on credit from Gary for $2500.

June 10. Sold goods on credit to Suzy for $6500.

June 15 Withdrew $1000 in cash from the bank account to open a petty cash account.

June 18. Zoe withdrew $500 in cash from the bank account for personal use.

June 20 Sold goods on cash to Fred for $3000.

June 23 Zoe paid Gary's account by cheque after receiving discount of $200.

June 25 Suzy returned goods of $700 to Zoe.

June 30 Office expenses of $100 paid out of the petty cash.

Required -

1. Record Journal entries in the books of Zoe.

2. Enter the above transactions in Zoe's ledger accounts of June 2018.

3. Compute Balance off the accounts.