R. Smith, a sole trader commenced business on June 1, 2000 with $15000 cash as capital....

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R. Smith, a sole trader commenced business on June 1, 2000 with $15000 cash as capital. During the month the following transactions took place: June 5 June 9 June 11 June 15 June 17 June 19 June 21 June 27 June 28 June 30 Bought equipment with cash $4000 Paid rent by cash $1000 Bought goods on credit from E. Grant $3500 Paid for painting by cash $800 Sold goods on credit to L. Smart $300 Received cash from L Smart $200 Paid E. Grant cash $800 Sold goods for cash $600 Goods returned to E. Grant $300 Goods returned by L. Smart $50 Required: (30 Marks) (a)Write up the relevant accounts and balance them (b)Extract a trial balance R. Smith, a sole trader commenced business on June 1, 2000 with $15000 cash as capital. During the month the following transactions took place: June 5 June 9 June 11 June 15 June 17 June 19 June 21 June 27 June 28 June 30 Bought equipment with cash $4000 Paid rent by cash $1000 Bought goods on credit from E. Grant $3500 Paid for painting by cash $800 Sold goods on credit to L. Smart $300 Received cash from L Smart $200 Paid E. Grant cash $800 Sold goods for cash $600 Goods returned to E. Grant $300 Goods returned by L. Smart $50 Required: (30 Marks) (a)Write up the relevant accounts and balance them (b)Extract a trial balance

Answer rating: 100% (QA)

Date Account Name Debit Credit June 1 Capital 15000 ... View the full answer