(a) Prepare journal entries to record each of the following: (i) The opening entries of T....

   

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(a) Prepare journal entries to record each of the following: (i) The opening entries of T. Lee who commenced his business on 1 April 2007. Premises Office equipment Stock Bank Cash $ 60,000 5,000 20,000 32,500 500 8,000 Creditors Loan from bank 30,000 (ii) The purchase of a new computer system on credit from Computex Data Services for $20,000 on 23 November 2007. (iii) K. Bond owed the company $780 but unfortunately was unable to pay the debt so you decide to write it off as bad on 30 November 2007. (iv) The sale of a second hand van for $3,000 to Ms Chandler who pays for the van by cheque on 30 November 2007. (b) Name three books of original entry apart from the journal. (a) Prepare journal entries to record each of the following: (i) The opening entries of T. Lee who commenced his business on 1 April 2007. Premises Office equipment Stock Bank Cash $ 60,000 5,000 20,000 32,500 500 8,000 Creditors Loan from bank 30,000 (ii) The purchase of a new computer system on credit from Computex Data Services for $20,000 on 23 November 2007. (iii) K. Bond owed the company $780 but unfortunately was unable to pay the debt so you decide to write it off as bad on 30 November 2007. (iv) The sale of a second hand van for $3,000 to Ms Chandler who pays for the van by cheque on 30 November 2007. (b) Name three books of original entry apart from the journal.

Answer rating: 100% (QA)

a i Opening entries of T Lee Date Particulars LF Debit Credit 142007 Capital Ac Dr 60000 To Premises ... View the full answer