Write the general journals for the transaction

Reference no: EM132706309

Question - Simon started business on 1st July 2020, with a capital of Shs.1, 000,000 paid into the business bank account. The following were the transactions for the month of July:

July 2: withdrew sh. 400,000 from Bank account for business use

July 3: paid rent for the month of July sh. 40,000 by cheque

July 3: He purchases shop fittings Shs. 25,000 and pays cash

July 4: He buys a motor vehicle from ABC at Sh400, 000 pays by cheque

July 6: Bought goods for Sh. 150,000 and pays cash

July 8: Sold goods for cash Shs.100, 000

July 10: Bought goods on credit from XYZ for Shs.120, 000

July 12: Sold goods to A. Smith for Shs.9, 000 on credit

July 13: Paid wages Shs. 12,000 on cash

July 15: Makes a payment to XYZ Shs.100, 000 through the bank

July 21: Receives from A. Smith a cheque for Shs.9, 000

July 25: Sold goods for cash Shs. 30,000

July 30: Pays general expenses Shs.8, 000 cash

July 30: Received a bank overdraft sh. 300,000 from First Bank Limited

July 31: Paid electricity for the month of July sh. 4,000 by cash

July 31: Draws cash Shs.50, 000 for personal use

Required - Write the General journals for the above transaction?

Reference no: EM132706309

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