Veronica Reichester owns a shop. The following transactions happened in November. 1 Nov Credit sales, C. Flanagan
Question:
Veronica Reichester owns a shop. The following transactions happened in November.
1 Nov Credit sales, C. Flanagan £456, S. Morgan £300, F. Hutchinson £645, A. Adair £987
2 Nov Credit purchases, N. Ward £123, F. Wood £465, S. Duffy £786, N. Hynd £56
5 Nov Credit sales, C. Flanagan £560, S. Ruddle £560
6 Nov Credit purchases F. Wood £79, N. Hynd £560
7 Nov Goods returned to Veronica by F. Hutchinson £45, S. Ruddle £60
10 Nov Veronica returned goods to N. Ward £19, N. Hynd £60
25 Nov Veronica sold goods on credit to C. Flanagan £50, S. Morgan £45
28 Nov Veronica returned goods to N. Ward £4
Required
a. You are required to show the above transactions in the day books of Veronica's shop.
b. Using this information post the transactions to the general ledger, sales ledger and purchase ledger.
c. Close the ledger accounts and extract the trial balance.
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas