Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas. 

 

The following details were obtained from the books of Jessica Bailey, a retailer located in Kingston:

 

Requirements:

 

1. Enter the transactions in the general ledger (t-accounts), and balance off these accounts?

                                                                                                                        

 

2. Extract a Trial Balance?

Transcribed Image Text:

May 1 May 4 May 5 May 12 May 18 May 20 May 21 May 22 May 25 May 26 May 27 May 28 Started the business with $40,000 in the bank and motor van $60,000 Bought merchandise for $35,000 on credit from Maynard Distributors Sold merchandise for $20,000 on credit to N Bell Sold merchandise $20,000 by cheque Returned merchandise $6,000 to Maynard Distributors Bought furniture $5,000 cheque Sold merchandise $32,000 on credit to Bongo Natty Bought merchandise $25,000 on credit from Kings World Paid for office expenses $7,000 by cheque Paid wages $35,000 by cheque Received $20,000 by cheque from N Bell Took merchandise amounting to $15,000 for personal use May 1 May 4 May 5 May 12 May 18 May 20 May 21 May 22 May 25 May 26 May 27 May 28 Started the business with $40,000 in the bank and motor van $60,000 Bought merchandise for $35,000 on credit from Maynard Distributors Sold merchandise for $20,000 on credit to N Bell Sold merchandise $20,000 by cheque Returned merchandise $6,000 to Maynard Distributors Bought furniture $5,000 cheque Sold merchandise $32,000 on credit to Bongo Natty Bought merchandise $25,000 on credit from Kings World Paid for office expenses $7,000 by cheque Paid wages $35,000 by cheque Received $20,000 by cheque from N Bell Took merchandise amounting to $15,000 for personal use

Answer rating: 100% (QA)

Answer I Step 1 Introduction i The trial balance is prepared with the final balances of each account ... View the full answer