Henry Buys, an attorney opens his practice and enters into the following transactions: 2021

Oct 1 Deposits N$ 26 000 into the business bank account as start-up capital;

2 Pays his first month’s rent of N$ 3 500;

3 Buys furniture to the value of N$ 10 000 and pays by cheque;

4 Received N$ 10 600 from Jane for the services to be rendered in future;

6 Commission received N$ 1 200;

7 Paid bank charges Business

Bank- 190

Trust Bank- 86

8 Returns damaged furniture and receives a cheque for N$ 1 500

10. Mr. Johnson queries his invoice and John Peters gives him a reduction of N$ 500;

13. Mr. Johnson pays his account in full.

14. Buys stationery to the value of N$ 1 200

21. Paid counsel N$ 4 200 in respect of Jane’s matter;

24. Write off the debts amounting to N$ 500 as bad debts;

31 Pays salaries of N$ 12 000;

31 Pays telephone of N$ 820 Required:

Prepare Books of Prime Entry of Henry Buys Attorneys at 31 October 2021.

Answer rating: 100% (QA)

Answers Oct 1 Deposits N 26 000 into the business bank account as startup Bank account dr 26000 To c... View the full answer