Reference no: EM131385430
You are to open the books of F. Polk, a trader, via the journal to record the assets and liabilities, and are then to record the dialy transactions for the month of May. A trial balance is to be extracted as on 31 May 2017
2017
May
1 Assets: Premises £34,000; Van £5,125; Fixtures £810; Inventory £6,390; Accounts receivable: P. Mullen £140, F. Lane £310; Cash at bank £6,240; Cash in hand £560. Liabilities: Accounts payable: S. Hood £215, J Brown £640.
1 Paid storage costs by cheque £40.
2 Goods bought on credit from; S. Hood £145; D. Main £206; W. Tone £96; R. Foot £66.
3 Goods sold on credit to: J. Wilson £112; T. Cole £164; F. Syme £208; J. Allen £91; P. White £242; F. Lane £90.
4 Paid for motor expenses in cash £60.
7 Cash drawings by proprietor £150.
9 Goods sold on credit to: T. Cole £68; J. Fox £131.
11 Goods returned to Polk by; J. Wilson £32; F. Syme £48.
14 Bought another van on credit from Abel Motors Ltd £4,850.
16 The following paid Polk their accounts by cheque less 5 per cent cash discount: P. Mullen; F. Lane; J. Wilson; F. Syme.
19 Goods returned by Polk to R. Foot £6.
22 Goods bought on credit from: L. Mole £183; W. Wright £191.
24 The following accounts were settled by Polk by cheque less 5 per cent cash discount: S. Hood; J. Brown; R. Foot.
27 Salaries paid by cheque £740.
30 Paid business rates by cheque £140.
31 Paid Abel Motors Ltd a cheque for £4,850.
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