The following transactions relate to H Taylor, a customer of the firm, for February 2015. Construct the
Question:
The following transactions relate to H Taylor, a customer of the firm, for February 2015.
Construct the ledger account of Taylor for the following transactions and calculate the balance on his account by the end of the month.
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1 Feb 6 Feb 9 Feb 15 Feb Sell goods on credit to Taylor for 560. He returns 25 of goods. A further 280 of goods is sold to Taylor. We receive a cheque from Taylor for 500 in full settlement of the goods sold on 1 Feb (the difference in the amounts represents a discount we allow Taylor as a prompt payer). 20 Feb Taylor returns 20 of the goods sold on 9 Feb.
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1 Feb Sales 9 Feb Sales H Taylor 560 290 840 ...View the full answer
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