Chee Yong Chaw began his business on 1 July 2025. The business balances its books at month-end
Question:
Chee Yong Chaw began his business on 1 July 2025. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2025 were as follows:
Required
(a) Prepare journal entries for July 2025, using appropriate journals.
(b) Prepare the following ledger accounts (T format) for July 2025:
i. Accounts Receivable Control ii. Accounts Payable Control iii. Cash at Bank iv. Purchases.
Transcribed Image Text:
July 1 2 Chee Yong Chaw invested $36 000 cash and $21 000 office equipment into the business. Purchased inventory from L. Cao on account for $9000; terms 2/15, n/30. Paid July rental of $3600; by interbank transfer to Prime Properties Ltd. Purchased inventory from Difabio Ltd on account for $7300; terms n/30. 3 6 Sold inventory to J. Ellis on account for $2000; terms 2/15, n/30. 7 Received July rental of $900 for space sublet to Perth Services. 8 Purchased stationery supplies for $2000; electronic funds transfer. 10 Purchased inventory for cash $1980. 13 Sold inventory to Giola Ltd on account for $4500; terms 2/10, n/30. 14 Purchased inventory from O. Hee on account for $6000; terms 2/10, n/30. 15 Paid L. Cao for 2 July purchase with an interbank transfer. 19 Received $2156 from J. Ellis in payment of her account. 221 Sold inventory to O. Kaddish on account for $4600; terms 2/10, n/30. Received $4851 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $3600; terms 2/10, n/30. Paid O. Hee for 14 July purchase; electronic funds transfer. Purchased inventory from L. Cao on account for $5500; terms 2/15, n/30. 23 22 22
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Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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