The following transactions took place in his first month of trading: 1 April Capital of 80,000...
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The following transactions took place in his first month of trading: 1 April Capital of £80,000 was introduced by JJ. £75,000 was paid into the bank and £5,000 was kept as cash in hand Goods were purchased for £12,000 and paid by cheque 6 April 7 April 7 April 9 April 14 April 18 April account JJ decided to start a business that he runs as a sole proprietor. 20 April 20 April JJ purchases goods worth £2,000 on credit from Tooley Sales of £16,000 were made to Mooney on credit Rent was paid at the cost of £2,800 by cheque Computers and other office equipment were purchased for £40,000 by cheque JJ paid his nicce's nursery school tuition costing £2,000 from the business bank Mooney returns goods worth £200 Tooley offered JJ a 5% cash discount if payment is made within 7 days JJ returns goods which he had originally bought for £320 by cheque J1 withdraws £3,600 cash from the bank 23 April 26 April 26 April JJ pays Tooley account by cheque. Post cach transaction in the appropriate T-accounts Compute the balances in each of the T-accounts Use the amounts in the T-account balances to advice JJ in an email format about the financial state of his business. The following transactions took place in his first month of trading: 1 April Capital of £80,000 was introduced by JJ. £75,000 was paid into the bank and £5,000 was kept as cash in hand Goods were purchased for £12,000 and paid by cheque 6 April 7 April 7 April 9 April 14 April 18 April account JJ decided to start a business that he runs as a sole proprietor. 20 April 20 April JJ purchases goods worth £2,000 on credit from Tooley Sales of £16,000 were made to Mooney on credit Rent was paid at the cost of £2,800 by cheque Computers and other office equipment were purchased for £40,000 by cheque JJ paid his nicce's nursery school tuition costing £2,000 from the business bank Mooney returns goods worth £200 Tooley offered JJ a 5% cash discount if payment is made within 7 days JJ returns goods which he had originally bought for £320 by cheque J1 withdraws £3,600 cash from the bank 23 April 26 April 26 April JJ pays Tooley account by cheque. Post cach transaction in the appropriate T-accounts Compute the balances in each of the T-accounts Use the amounts in the T-account balances to advice JJ in an email format about the financial state of his business.
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Date 1 April 6 April 7 April 7 April 9 April 14 April 18 Apri... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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