Show the journal entries necessary to record the following items: 2013 Apr 1 Bought fixtures on credit
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Show the journal entries necessary to record the following items:
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2013 Apr 1 Bought fixtures on credit from Bell and Co 1,153. 4 We take goods costing 340 out of the business inventory without paying for them. 68 of the goods taken by us on 4 April is returned back into inventory by us. We do not take any money for the return of the goods. 9 12 H. Cowes owes us 640. He is unable to pay his debt. We agree to take some computer equipment from him at that value and so cancel the debt. 18 Some of the fixtures bought from Bell and Co, 42 worth, are found to be unsuitable and are returned to them for full allowance. 24 A debt owing to us by P. Lees of 124 is written off as a bad debt. 30 Office equipment bought on credit from Furniture Today Ltd for 1,710.
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To record the transactions listed you would make the following journal entries using doubleentry acc...View the full answer
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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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