Record the transactions in the relevant journals

Assignment Help Accounting Basics

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

Questions Cloud

Show that given sequence is not converge in any other sense : Show that given sequence does not converge in any other sense and therefore convergence in distribution does not imply convergence in any other form.

Partnership are undervalued : The net assets of the Cocke and Mass partnership are undervalued $20,000 at the time when Cocke and Mass agree to admit Siff as a partner. In the past, Cocke and Mass shared profits and losses equally. If the assets are sold at a $20,000 gain immedia..

Prepare an income statement for the month of july 2016 : Prepare a combined schedule of cost of good manufactured and cost of sold statement for the month of July 2016. Show computations pertaining to the missing values for raw materials and WIP control accounts - Prepare an income statement for the mont..

Convergence in the ms sense : Show by counterexample that convergence almost everywhere does not imply convergence in the MS sense.- Show by counterexample that convergence in the MS sense does not imply convergence almost everywhere.

Record the transactions in the relevant journals : Assignment - Journals, Ledger and Trial Balance. Record the transactions in the relevant journals. Post to respective ledger and sub-ledger accounts

Explain the major challenges you would face in running : Discuss the major challenges you would face in running such a business and how you would expect to overcome them. Provide specific examples to support your response.

Net income allocation is to be based on interest-salaries : Breeden, Myers, and Kowski are partners operating a business under the name of Professional Business Services. They are considering several ways to share the $24,000 net income earned from the first year's operations. If the net income allocation is ..

Provide example of change in labor force participation rates : Locate and incorporate outside research that gives evidence and explanation as to the possible causes of this decline. Provide an example of the changes in labor force participation rates over the last decade.

Which forms of convergence apply to random sequence : Consider the random sequence. - where is a Cauchy random variable with PDF,- Determine which forms of convergence apply to this random sequence.

User Account

All Pages