Use the information provided below to record the transactions for McCarthey Stores in the following journals for the month ending

October $2023.$

Cash Receipts Journal $[7]$

Cash Payments Journal $[9]$

Creditors' Journal $[1]$

Debtors' Journal $[2]$

Debtors' Allowances Journal $[2]$

Creditors' Allowances Journal $[2]$

TRANSACTIONS:

$3$ Benny increased his capital contribution with R$30000$ and paid it directly to the cashier. Issued duplicate receipt

$10.$

Upon recognising that the implementation of selling goods on credit would require a larger inventory purchase, he

decided to obtain a loan from CAPITEC BANK that matched the additional amount he contributed $($interest on a

loan is $15\%$p$.$a$).$ The money was received.

$5$ EFT payment of R$15900$ was made to Solly M for the following: trading stock of R$10100,$ Equipment of R$5000$

and stationery of R$800.$

$9$ Received Invoice $20$ from Solly M for additional trading stock purchased from them for R$6500.$

$13$ Cash sales of R$3750($cost of sales R$?)$ was made to Lay Laakay, duplicate receipt no$.11.$

Sold goods on credit to P$.$ Tau for R$5250($selling price$).$ Invoice nr$.01$ is issued

$19$ Laakay expressed his dissatisfaction with $50\%$ of the stock he purchased from McCathery stores, he subsequently

returned the merchandise. Upon thorough examination of the returned merchandise, it was discovered that the

merchandise had factory faults. Consequently, the faulty goods were returned to the supplier $($Solly M$),$ and Laakay

received a refund $($EFT no $23).$ DN and CN $001$ were issued and received.

$22$ EFT payment of R$10500$ was made to a creditor $($Solly M$)$

$25$ The bank statement reflects the debit order from CAPITEC. The debit order concerns a monthly interest on a loan.

The loan was acquired on the $3$rd of October

A direct deposit of R$2520$ was made by P$.$ Tau to the business bank account for payment on his account.

Answer rating: 100% (QA)

Lets record the transactions in the specified journals for McCart... View the full answer