you are required to enter the following transactions for May 19-5. The accounts
ID: 2376850 • Letter: Y
Question
you are required to enter the following transactions for May 19-5. The accounts are then to be balanced off and a trial balance extracted as at 31 May 19-5:
19-5
May1 R. Groves started firm by depositing $15,000 into a bank account
2 Bought motor van on credit from K. Fung & son $3,400
2 Bought shop fittings by cheque $600
3 Bought goods on credit from K. Hollar Ltd $1,350; C. DeSousa $810; P. Tucker $180; C. Ross Ltd $440
4 Paid rent by cheque $80
5 Received loan of $300 in cash from D. Kong
5 Sold goods on credit to H. Tai & Partners $500; P. Nunes $373; D. Price $140; P. Wong Ltd $390
6 Bought office equipment on credit from Arthur Young & Co $740
7 Cash sale $260
8 Paid wages in cash $90
9 Bought office stationary for cash $28
11 Sold goods on credit to D. Price $80; L. Gran & Son $115
12 We returned goods to C. Desouza $54; C. Ross Ltd $60
13 Paid K. Fung & son $3,400 by cheque
14 Bought office stationery on credit from Rowland Supplies $150
15 Bought goods on credit from P. Tucker$310; R. Grizzle $770
16 Goods returned to u by P. Nunes $11; P. Wong Ltd $45
17 We paid K. Hollar Ltd $1,350 by cheque
18 Paid wages in cash $95
19 Repaid part of D. Kong's loan by cheque $120
20 Cheques received from D. Price $80; P. Wong Ltd $345
21 R. Groves took $100 drawings in cash
22 Some of the shop fittings we unsuitable and were sold for $60 cash
24 Bought another motor van paying by cheque immediately $3,700
26 Paid wages in cas $110
28 Bought goods for cash $90
31 Paid P. Tucker by cheque $400
Explanation / Answer
GENERAL JOURNAL Date Account Titles and Explanation Debit Credit May, 1 Bank $15,000 Capital 15,000 (To record deposit into bank) 2 Motor van 3,400 K,Fung sons 3,400 (To record purchase of motor van) 2 Shop fittings 600 Bank 600 (To record shop fittings) 3 Purchases 2,780 Accouts payable 2,780 (To record credit purchases) 4 Rent 80 Bank 80 (To record payment of rent by cheque) 5 Cash 300 D,Konog 300 5 Account receivable 1,403 Sales 1,403 6 Office quipment 740 Account receivable 740 7 Cash 260 Sales 260 (TO recod cash receipts) 8 wages 90 Cash 90 9 Stationary 28 Cash 28 11 Accounts Receivable 195 Sales 195 12 K. Fung & sons 3,400 Bank 3,400 14 Office stationery 150 Rowlan 150 15 Purchases 1,080 accounts payable 1,080 16 U 56 Accounts payable 56 17 K.hoor Limited 1,350 Bank 1,350 18 Wages 95 Cash 95 19 Loan 1,250 1,250 Bank 20 BAnk 100 D Kong's loan 100 21 Cash 100 Darwing 100 22 Cash 60 Shop fittings 60 24 Motor van 3,700 Bank 3,700 26 Wages 110 Cash 110 28 Purchases 90 Cash 90 31 Bank 400 P. Tucker 400
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