Question 1 Tancy starts her business on 1 January 2007. The following transactions take place in...

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Question 1 Tancy starts her business on 1 January 2007. The following transactions take place in her first month of trading: I Jan She invests $6s,000 in to the business bank account 2 Jan She purchases S8,000 worth of goods on credit 2 Jan She sells a quarter of the inventory for S4,000 cash 3 Jan Issues a cheque to pay for half of the goods she received on credit 14 Jan Pays her insurance for January by issuing a cheque for $75 15 Jan She sells the remaining inventory for S12,000 on credit 16 Jan Purchases inventory at a cost of S10,000 on credit 18 Jan Purchases some office equipment for S3,000 paying by cheque 20 Jan Pays her rent for January by cheque $150 21 Jan Sells half her inventory for $10,000 cash 25 Jan Withdraws S100 for petty cash 31 Jan Purchases office supplies worth $30 from petty cash Required For the first month of trading prepare: a) The joumal entries b) The T accounts for Tancy c) The trial balance Question 1 Tancy starts her business on 1 January 2007. The following transactions take place in her first month of trading: I Jan She invests $6s,000 in to the business bank account 2 Jan She purchases S8,000 worth of goods on credit 2 Jan She sells a quarter of the inventory for S4,000 cash 3 Jan Issues a cheque to pay for half of the goods she received on credit 14 Jan Pays her insurance for January by issuing a cheque for $75 15 Jan She sells the remaining inventory for S12,000 on credit 16 Jan Purchases inventory at a cost of S10,000 on credit 18 Jan Purchases some office equipment for S3,000 paying by cheque 20 Jan Pays her rent for January by cheque $150 21 Jan Sells half her inventory for $10,000 cash 25 Jan Withdraws S100 for petty cash 31 Jan Purchases office supplies worth $30 from petty cash Required For the first month of trading prepare: a) The joumal entries b) The T accounts for Tancy c) The trial balance

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