operates as a sole trader The following details were obtained for
the first month
of operation
- Jake Forbes Operates As A Sole Trader The Following Details Were Obtained For The First Month Of Operation P 1 (69.84 KiB) Viewed 49 times
the General Journal for the month
Prepare the
respective Ledger accounts
Prepare
a Trial Balance as at the end of
the month
Date Transactions 1 Started business with Motor Van $ 120,000 and $50,000 in bank 2 Transfer $20,000 cash from bank for business use 3 Purchased Goods $60,000 on credit from Wagner Dist. 3 Paid $3,500 cash to transport goods purchased 6 Paid for Insurance $4,000, Office Supplies $7,000 by cash 8 Sold Goods $35,000 by cheque 11 Sold good on credit to Ringo $30,000; Gap Inc $25,000 13 Purchased goods on credit from Mula $40,000; and Epps $50,000 18 Purchased office equipment $60,000 by cheque 20 Sold goods $45,000 by cheque 21 Returned goods $7,000 to Mula 25 Paid wages $70,000 by cheque 27 Paid for telephone charges $5,500 and rent $20,000 by cheque 28 Received payments by cheque from Ringo $20,000; Gap Inc $15,000 29 Received loan $200,000 by cheque from First Investment Bank 31 Owner took cheque $20,000 and goods $5,000 for personal use