Question 4 (25 Marks) The following transactions are from R. Mugabe Trading Ente

Question

Question 4 (25 Marks) The following transactions are from R. Mugabe Trading Enterprise for 28 February 2017 financial year. February 2017 04 Credit sale to Game Store, N$ 25 600 and MTC, N$ 18 500; 05 Bought goods from Checkers Store paying by cheque 001, N$ 10 000; 07 Issued a cheque with an amount of N$ 5 200 to pay City of Windhoek for the water; 09 Received a cheque from Game Store, N$ 17 500 for settlement of their account; 11 Received part-payment from MTC of N$ 8 000. REQUIRED: Record the above transactions in their respective Ledgers and post the transactions to a Trial Balance.

Explanation / Answer

Accounts Receivable Sales Date Details Debit credit Balance Date Details Debit credit Balance Debit Credit Debit Credit Feb.4,2017 Sale 25600 25600 Feb.4,2017 A/R 25600 25600 Feb.4,2017 Sale 18500 44100 Feb.4,2017 18500 44100 Feb.9,2017 Cash 17500 26600 44100 Feb.11,2017 Cash 8000 18600 44100 Inventory Cash Date Details Debit credit Balance Date Details Debit credit Balance Debit Credit Debit Credit Feb.5, 2017 Cash 10000 10000 Feb.5, 2017 Inventory 10000 -10000 10000 Feb.7, 2017 Utility 5200 -15200 Feb.9, 2017 A/R 17500 2300 Feb.11,2017 A/R 8000 10300 Utility Expense Date Details Debit credit Balance Debit Credit Feb.7, 2017 Cash 5200 5200 5200 5200 Accounts Receivable - -Subsidiary Ledger Accounts Receivable - Game Store Date Details Debit credit Balance Feb.4,2017 Sale 25600 25600 Feb.9. 2017 Cash 17500 8100 Accounts Receivable - MTC Date Details Debit credit Balance Feb.4,2017 Sale 18500 18500 Feb.11,2017 Cash 8000 10500 R.Mugabe Trading Enterprises Trial Balance Account Transactions Debit Credit Cash 25500 15200 Accounts Receivable 44100 25500 Inventory 10000 Accounts Payable Sales 44100 Utility Expense 5200 Total 84800 84800

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