Question: NB: YOU ARE ONLY REQUIRED TO DO THE DOUBLE ENTRY WHICH IS THE T ACCOUNTS Romeo Shakespeare is a retailer of love potions, which

NB: YOU ARE ONLY REQUIRED TO DO THE DOUBLE ENTRY WHICH IS THE "T" ACCOUNTS Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas. 2020 February 1 Romeo started his shop with $50,000 cash in the business and a shop valued at $30,000 February 4 February 6 business bought merchandise on credit from the Good Witch, $35,600 business paid rent by cash $1,900 February 10 business sold merchandise for cash, $10,500 to Mark Anthony February 12 business paid the Good Witch $25,000 by cash February 14 Romeo took four bottles of love potion from the store, $1,500 for Juliet February 14 business sold merchandise on credit to Helena, $25,000 February 16 business bought furniture (shelves) by cash, $12,000 February 19 business bought merchandise from Luna Love-Good, $5,000 cash February 23 business paid Good Witch cash, $10,600 February 26 Helena returns to the business $2,500 worth of merchandise that didn't work on Paris. February 27 business received a loan from Gringotts, a $30,000 cheque Requirements: A. Enter the transactions in the general ledger (t-accounts), and balance off these accounts B. Extract a Trial Balance
Step by Step Solution
There are 3 Steps involved in it
Step 1 Understanding the DoubleEntry System In doubleentry bookkeeping Every transaction affects at least two accounts Each transaction has debits and credits Debits must always equal credits for each ... View full answer
Get step-by-step solutions from verified subject matter experts
