Given March1 Started business with $200,000 in bank and fixtures and fittings valued at $60,000 March 4
Question:
Given
March1 Started business with $200,000 in bank and fixtures and fittings valued
at $60,000
March 4 Bought merchandise on credit from CPJ Wines Inc, $90,000
March 5 Bought merchandise on credit from Select Brands Ltd, $80,000
March 8 Received loan from BICB bank $400,000 by cheque.
March 12 Sold merchandise on credit to Kingston Hireage, $30,000
March 15 Sold merchandise for cash to Ping Distributors, $56,000.
March 16 Ping Distributors returns merchandise, $7,000
March 20 Paid rent by cheque, $55,000
March 22 Paid telephone bill by cheque, $2,500
March 23 Paid wages by cash, $20,000
March 24 Paid Insurance premiums by cheque, $12,000
March 26 Received rent for part of premises rented, $12,500 cash
March 27 Received $18,000 by cash from Kingston Hireage Ltd.
March 28 Returned merchandise to CPJ Wines Inc., $6,500
March 29 Paid Select Brands Ltd Inc. $40,000, and CPJ Wines Inc. $34,000, by
cheque.
March 31 Louis Catalan takes merchandise as a gift for his friend, $2,500.
Required
Extract a trial balance as at the April 1
Expert Answer:
The task here is to make a trial balance listing all the balances of the individual accounts at the end of a reporting period in this case April 1 The trial balance states Debit balances such as asset... View the full answer
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
