K$.$ Douglas had the following transactions during January $2020.$Jan $1,2020$Introduced $$7,500$ cash into the business as Capital.Jan $2,2020$Purchased goods on credit from T$.$ Richards, worth $$2,000$ Jan $4,2020$Paid rent for one month, $$1,000$ by chequeJan $5,2020$Paid electricity for one month $$200$ cashJan $10,2020$Returns $$200$ worth of goods bought on credit to T$.$ RichardsJan $15,2020$Purchased motor vehicle for cash, $$1,000$ Jan $20,2020$Sold goods on credit to B$.$ Ishi for $$3,000$ Jan $25,2020$Owner withdrew $$300$ cash for his own personal expensesJan $26,2020$Paid T$.$ Richard the balance account less $5\%$ discount by chequeJan $28,2020$Sold goods for cash, $$2,100$Jan $30,2020$B$.$ Ishi received a $10\%$ settlement discount when he settled half of his total before the end of the month.  

 

 

Analyze and complete the double entry, general ledger and trial balance

Answer rating: 100% (QA)

To analyze and complete the double entry general ledger and trial balance lets go through each transaction and record the necessary entries Jan 1 2020 ... View the full answer