Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. His transactions
Question:
Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. His transactions for the month of March were as follows:
Transcribed Image Text:
March 1 4 6 8 10 Cash in hand 400, Cash at bank 6,000. Sankey received a cheque for 1,200 from W. Abbot which was paid directly into the bank. This represented sales. Paid wages in cash 60. Sold goods for cash 300. Received cheque from G. Smart for 600, in full settlement of a debt of 640; this was paid directly into the bank. 11 Paid sundry expenses in cash 48. 14 Purchased goods by cheque for 1,400. 18 Paid J. Sanders a cheque of 190 in full settlement of a debt of 210. 23 Withdrew 25 from the bank to pay the office cleaning company. 24 Paid wages in cash 60. 26 Sold goods for cash 380. 28 Paid salaries by cheque 240. 31 Retained cash amounting to 600 and paid the remainder into the bank. Required: (a) Enter the above transactions within T-accounts and bring down the balances. (b) Assuming no opening accounts receivable, accounts payable, or inventory, prepare an income statement for the month ended 31 March.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
Question Posted:
Students also viewed these Business questions
-
Henry York is a sole trader who keeps records of his cash and bank transactions in a threecolumn cash book. His transactions for the month of March were as follows: Required: (a) Enter the above...
-
Below are the transactions of Darren Electric Enterprise for the month of April 2020. Date Transactions 1 April Invested RM50,000 cash and equipment values at RM16,000 into the business. 2 April...
-
The chart of accounts of Claras Design Service of Montreal includes the following: Cash, 111; Accounts Receivable, 112; Office Equipment, 121; Design Equipment, 122; Accounts Payable, 211; Clara...
-
The cost formula for the maintenance department of Rainbow, Ltd., is $19,400 per month plus $7,70 per machine hour used by the production department. Required: a. Calculate the maintenance cost that...
-
An article in the Journal of Quality Technology (Vol. 13, No. 2, 1981, pp. 111114) describes an experiment that investigates the effects of four bleaching chemicals on pulp brightness. These four...
-
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows. The following errors in the corporation?s accounting have been discovered:...
-
Xie Company identified the following activities, costs, and activity drivers for 2017. The company manufactures two types of go-karts: deluxe and basic. Required 1. Compute a single plantwide...
-
On January 1, 2014, Parkway, Inc., issued securities with a total fair value of $450,000 for 100 percent of Skyline Corporations outstanding ownership shares. Skyline has long supplied inventory to...
-
A certain substance has a mass per mole of 53 g/mol. When 312 J is added as heat to a 26.0 g sample, the sample's temperature rises from 21.0C to 45.0C. What are the (a) specific heat and (b) molar...
-
Why is it important for you to understand business strategy?
-
Extract an income statement for the year ending 30 June 2012 for G. Graham. The trial balance as at 30 June 2012 after his first year of trading was as follows: Equipment rental Insurance Lighting...
-
Suppose that the breaking strength of a rope (in pounds) is normally distributed, with a mean of 100 pounds and a standard deviation of 16 . What is the probability that a certain rope will break...
-
You stated that employee morale, expectations, and the ability to anticipate problems and make informed decisions are all negatively impacted by withholding information, which is nothing more than an...
-
A contractor is setting up new accounts for the local cable company. She earns $75 for each customer account she sets up. Which expression models this situation, and how much will she profit if she...
-
Some people consider nightclubs to be a problem in society, while others view them as exciting places of opportunity. What does this example indicate about symbolic interactionism?
-
Kara, a sole proprietor, drove her car 3 , 1 9 9 miles for business In addition, she incurred the following expenses related the the business use of her car $ 3 4 3 gas and $ 3 0 tolls, using the...
-
Art Bacon contributes $10,000 to Bacon Industries, a corporation, in return for 5,000 shares of stock in the company with a $2.00 par value. Prepare the journal entry to record the transaction. (If...
-
Wolff Enterprises must consider several investment projects, A through E, using the capital asset pricing model (CAPM) and its graphical representation, the security market line (SML). Relevant...
-
Explain five different cases of income exempt from tax with clear examples.
-
Explain the term materiality as it is used in accounting.
-
A three-column cash book for a wine wholesaler is to be written up from the following details, balanced off, and the relevant discount accounts in the general ledger shown. 20X8 Mar 1 Balances...
-
What is meant by the money measurement concept?
-
Comfort Company manufactures pillows. The year's operating budget is based on production of 25,000 pillows with 0.75 machine-hour allowed per pillow. Budgeted variable overhead rate per machine hour...
-
The accounting records of Skysong, Inc. show the following data. Beginning inventory 3,110 units at $5 Purchases 7,800 units at $8 Sales 9,060 units at $10 (a) Determine cost of goods sold during the...
-
Sunn Company manufactures a single product that sells for $180 per unit and whose variable costs are $135 per unit. The company's annual fixed costs are $562,500. Management targets an annual income...
Study smarter with the SolutionInn App