NCUK Test practice Question c) V1 18/19 - J Buchanan Students are required to prepare ALL the T accounts with the appropriate Debits and Credits, balance off and prepare a Trial Balance that MUST balance. (c) The following transactions for May 2018 relate to ) Buchanan, a newly established retail and wholesale trader. May 1: Started business with 15,000 in the bank May 1: Withdrew 800 cash from bank for business use. May 4: Purchased inventory on credit from the following T Pollock, E180 G Ingram, 475, Wm Argyil, 800 May 7: Sold goods on credit to P Govan Ltd 900 May 10: Purchased goods for cash, 600 May 14: Purchased fittings on credit from Shawlands Shop Fittings Ltd., E1100 May 15: Purchased a van, paying by cheque, 1,500 May 18: Pay Pollock the amount owing and Argyll 400 May 21: Cash sales to date, banked 950 May 23: Return 50 worth of goods to Ingram May 25: Govan pays 500, by cheque May 29: Pay wages, in cash, withdrawn from the bank, 500 May 30: Withdraw 750 cash from bank as personal drawings Required: Record the above transactions in Buchan's accounts for May 2018 and extract [10] a trial balance as at 1 June 2018