The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. March 1 Started in business with S8,000 in the bank. March 2 Bought goods on credit from the following persons: L Frank $550; G Byers $290; P Lee $610. March S Cash sales S510. March 6 Paid wages in cash S110. March 7 Sold goods on credit to: J Snow $295; K Park $360; B Tyler S6-40. March 9 Bought goods for cash S120. March 10 Bought goods on credit from: G Byers $410; P Lee S1,240. March 12 Paid wages in cash $110. March 13 Sold goods on credit to: K Park S610; B Tyler $205. March 15 Bought shop fixtures on credit from Stop Ltd $740. March 17 Paid G Byers by cheque S700. March 18 We returned goods to P Lee s83. March 21 Paid Stop Ltd a cheque for $740. March 24 B Tyler paid us his account by cheque $845. March 27 We returned goods to L Frank $18. March 30 G Prince lent us S1,000 by cash. March 31 Bought a van paying by cheque S6,250 Required Prepare: a) Prepare the ledger accounts in respective ledgers. b) The trial balance as at 31 March 20X6 The following transactions relates to an antiques shop for March 20X6. Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. March 1 Started in business with S8,000 in the bank. March 2 Bought goods on credit from the following persons: L Frank $550; G Byers $290; P Lee $610. March S Cash sales S510. March 6 Paid wages in cash S110. March 7 Sold goods on credit to: J Snow $295; K Park $360; B Tyler S6-40. March 9 Bought goods for cash S120. March 10 Bought goods on credit from: G Byers $410; P Lee S1,240. March 12 Paid wages in cash $110. March 13 Sold goods on credit to: K Park S610; B Tyler $205. March 15 Bought shop fixtures on credit from Stop Ltd $740. March 17 Paid G Byers by cheque S700. March 18 We returned goods to P Lee s83. March 21 Paid Stop Ltd a cheque for $740. March 24 B Tyler paid us his account by cheque $845. March 27 We returned goods to L Frank $18. March 30 G Prince lent us S1,000 by cash. March 31 Bought a van paying by cheque S6,250 Required Prepare: a) Prepare the ledger accounts in respective ledgers. b) The trial balance as at 31 March 20X6
Expert Answer:
Answer rating: 100% (QA)
answers Capelal ak Mnl Cash 8000 bal ld 8000 Go00 800 Wlapes MC Cash 12 Ca... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following is Ash's trial balance as at 31 March 2011: Additional information: 1 Stock at 31 March 2011: 15 000. 2 At 31 March 2011 there was a specific bad debt of 6000. This was to be written...
-
An accounts clerk has compiled Trent's trial balance as at 31 March 2010 as follows: Required: Compile Trent's corrected trial balance as at 31 March2010. Dr Cr Bank (overdrawn) Capital Discounts...
-
AM Enterprise Trial Balance as at 31 December 2019 Debit Credit RM RM Cash 17,500 Account Receivable 6,200 Merchandise Inventory 8,000 Office Equipment 24,000 Accumulated Depreciation - Office...
-
Show that the ratio of the angular speeds of a pair of coupled gear wheels is in the inverse ratio of their respective radii.
-
Form groups of three students each. (If there are more than three students in a group, extras can be paired up.) Each student should select or be assigned one of these three inventory methods: 1....
-
A local ventilation system (a hood and duct system) is used to remove air and contaminants from a pharmaceutical lab (Fig. P1451). The inner diameter (ID) of the duct is D = 150 mm, its average...
-
The flowrate in the clay-lined channel \((n=0.025)\) shown in Fig. P10.54 is to be \(300 \mathrm{ft}^{3} / \mathrm{s}\). To prevent erosion of the sides, the velocity must not exceed \(5 \mathrm{ft}...
-
The following is a partial trial balance for the Green Star Corporation as of December 31, 2011: 100,000 shares of common stock were outstanding throughout 2011. Required: 1. Prepare a single-step...
-
Many employees worked from home, or still may be working from home, during-and-post-COVID-19 pandemic era. What effect is this likely to have on the future of telecommuting? What information...
-
The country of Emmental has three firms, whose information is displayed below (in thousands). Fill in the missing information (also in thousands). Assume that no international trade exists and that...
-
Rinehart Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $240,000. It later resold 1,950 shares for $51 per share, then 1,950 more shares for $46 per...
-
In the photoelectric effect experiment, as illustrated by Figure Q28.6, a current is measured while light is shining on the cathode. But this does not appear to be a complete circuit, so how can...
-
Fig. D2.7 shows a servo system. Determine (a) Characteristics equation (b) Undamped frequency of oscillation (c) Damping ratio (d) Damping factor (e) Peak overshoot (f) First undershoot (g) Time...
-
Scan the literature and determine the various LAN oper- ating systems available. Describe the relative strengths and weaknesses of these systems. Do these systems seem to be adequate for distributed...
-
Draw a cash flow diagram of any investment that exhibits both of the following properties: 1. The investment has a 4-year life. 2. The investment has a 10 percent/year internal rate of return.
-
A bullet is fired horizontally from a high-powered rifle. At the same instant, a bullet that was resting on top of the rifle falls off. Which bullet hits the ground first?
-
SUBJECT 3 (2.5 UNITS)The company "APOLLON" has calculated that for the production of oneunitof finished product requires standards of 8 kg of direct materials(AU) and thestandard price was set at 2...
-
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
-
Examine the prospects of one set of accounting standards being applicable on a worldwide basis.
-
The following information relates to Astley for the year to 30 November 2011: Required: (a) Calculate the charge to the profit and loss account for the year to 30 November 2011 for each of the above...
-
Lime's business has had liquidity problems for some months. The following trial balance was extracted from his books of account as at 30 September 2012: Additional information: 1. Stock at 30...
-
Show all the steps leading to the integral balance equation (18.6) in the text. Use the following boundary conditions and verify Eq. (18.7). (i) At \(y=0, T=T_{\mathrm{S}}\). (ii) At...
-
Consider the flat-plate heat transfer to be solved by the similarity approach. Show all the details leading to Eq. (18.15). What are the boundary conditions on \(\theta\) ? Extend your MATLAB code to...
-
For fluids with \(\operatorname{Pr} <1\) the velocity profile is assumed to be a cubic for \(y
Study smarter with the SolutionInn App