On 1 October 2012, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly
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On 1 October 2012, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were:
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Fixtures and equipment Inventory including weapons Balance at Universe Bank Cash 20,000 15,000 17,500 375 Accounts payable - Spock - Scott - McCoy Kirk's transactions during October were as follows: 1 Sold faulty phasers, original cost 500, to Klingon Corp, for cash 5,000 2 Bought Photon Torpedoes (weapons), on credit from Central Council 2,500 3,175 200 500 3 Sold goods to Aardvarks, original cost 250, on credit, 1,500 4 Bought Cloaking Device (Fixture and Fittings) from Klingon Corp 3,500 5 Paid the balance owed to Spock at 1 October less a 5 per cent cash discount 6 Paid Central Council full amount due by cheque 7 Received full amount due from Aardvarks by cheque 8 Paid Klingon Corp by cheque after deducting 20 per cent trade discount 9 Paid, by bankers order, 10,000 for repairs to Enterprise following disagreement over amount owing to Klingon Corp and faulty phasers. Required: Open Enterprise's ledger accounts at 1 October, record all transactions for the month, balance the ledger accounts, and prepare a trial balance as at 31 October.
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Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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