Record the transactions in the relevant journals

Reference no: EM131216324

Assignment - Journals, Ledger and Trial Balance

The following transactions relates to Merlin Bruce, a sole trader, during his first month of business:

Date	Transaction details
01-Jan	Started business by investing $25,000 from personal savings into a business' bank account and a office equipment worth $20,000.
02-Jan	Purchased office furniture from Aria Ltd for $3,500 paying by cheque.
04-Jan	Purchased goods for resale from Cora Ltd on credit for $2,200.
05-Jan	Took $2,000 from the bank account for cash use.
07-Jan	Purchased goods for resale on credit from David for $1,400
08-Jan	Credit sales to Emma and Henry for $1,000 and $1,200 respectively.
09-Jan	Cash sales $800
09-Jan	Returned goods to Cora worth $200
11-Jan	Cash sales $2,000.
11-Jan	Purchased goods for resale from Zalina paying by cash $1,300
12-Jan	Paid fuel expenses $400 by cash.
13-Jan	Henry returned goods amounting to $150.
14-Jan	Emma paid $250 in cash to her account.
15-Jan	Sold goods to Killian for $900 on credit.
16-Jan	Purchased goods on credit from Cora for $900.
18-Jan	Paid David $450 on their account by cheque.
20-Jan	Henry paid $600 on his account by cash.
21-Jan	Took cash of $500 for personal use.
22-Jan	Paid Cora Ltd $1,000 on their account by cheque.
25-Jan	Received cash of $500 from Killian
26-Jan	Paid electricity expenses of $210 by cash.
27-Jan	Paid water expenses of $140 by cash.
28-Jan	Paid telephone expenses $240 by cash.
29-Jan	Cash sales of $1,200.

Required:

a) Record the transactions in the relevant journals.

b) Post to respective ledger and sub-ledger accounts.

c) Balance off ledger accounts and extract a Trial Balance.

Reference no: EM131216324

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