Enter the following transactions in personal accounts only. Bring down the balances at the end of the
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Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which are creditors.
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20X7 May "1 11 11 "1 "1 11 11 "1 "1 2 Credit sales G Wood £310; K Hughes £42; F Dunn £1,100; M Lyons £309. Credit purchases from T Sim £190; J Leech £63; P Tidy £210; F Rock £190. Credit sales to K Hughes £161; F Dunn £224. 9 Credit purchases from J Leech £215; F Rock £164. 10 Goods returned to us by F Dunn £31; M Lyons £82. 12 Cash paid to us by M Lyons £227. 15 19 We returned goods to T Sim £15; F Rock £21. We received cheques from F Dunn £750; G Wood £310. 21 We sold goods on credit to G Wood £90; K Hughes £430. 28 We paid by cheque the following: T Sim £175; F Rock £100; P Tidy £180. 31 We returned goods to F Rock £18.
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Debtors People who owe us money G Wood Credit sales Cheque received 310 310 90 710 K Hughes Credit s...View the full answer
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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