Enter the following transactions in the books of 'Mary Ward' for December (use T accounts). 1 Dec
Question:
Enter the following transactions in the books of 'Mary Ward' for December (use T accounts).
1 Dec Introduced a motor vehicle to the new business worth £8,000
1 Dec Transferred a computer from home to the business: £500
1 Dec Withdrew £200 cash from her personal account to cover the cash expenses of the business
1 Dec Put a cheque in the business bank account to cover business start-up costs: £10,000
1 Dec Purchased goods for sale by cheque: £4,000
2 Dec Bought a van using a loan from the bank: £15,000
2 Dec Bought office equipment using a loan from the bank: £5,000
3 Dec Received cheques amounting to £5,000 for sales made
4 Dec Purchased stationery for £450
5 Dec Purchased envelopes for £25 using cash
6 Dec Paid wages by cheque: £400
9 Dec Purchased goods for sale for £2,000 by cheque
10 Dec Sales lodged: £3,000
10 Dec Cash sales: £1,000
12 Dec Cash lodged: £800
14 Dec Pens purchased in cash: £20
15 Dec Loan instalment transferred by direct debit (DD): £1,000
18 Dec Mary wrote a business cheque to her personal account: £2,000
21 Dec Petrol paid by cheque: £280
22 Dec Petrol for vehicles paid by cash: £40
23 Dec Wages paid by cheque: £400
24 Dec Second loan instalment DD from bank: £1,000
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas