From the transactions below, calculate the balance in the Purchases account

2008 Sept 1 Sales on credit to J Bee $520; T Day $630; J Soul $240.

 2 Purchases on credit D Blue $390; F Rise $510; P Lee $280.

 8 Sales on credit to T Day $640; L Hope $418.

 9 Purchase equipment on credit from Ultra Ltd $2,500

 10 Purchases on credit from F Rise $92; R James $870.

 11 Sold equipment on credit to J. Mary $5,000

 12 Returns inwards from J Soul $25; T Day $190.

 17 We returned goods to F Rise $12; R James $84.

 20 We paid D Blue by cheque $390.

 22 Purchase car from H. Auto on credit $5,000

 24 J Bee paid us by cheque $400.

 25 Sold car no longer needed for $3,000 on credit to P. Ltd

 26 We paid R James by cheque $766.

 28 J Bee paid us by cash $80.

 30 L Hope pays us by cheque $418.

Answer rating: 100% (QA)

To calculate the balance in the Purchases account we need to analyze the purch... View the full answer