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Question 4 (25 Marks) The following transactions are from R. Mugabe Trading Enterprise for 28 February...

Question 4 The following transactions are from R. Mugabe Trading Enterprise for 28 February 2017 financial year. February 2017 04 Credit sale to Game Store, N$ 25 600 and MTC, N$ 18 500; 05 Bought goods from Checkers Store paying by cheque 001, N$ 10 000; 07 Issued a cheque with an amount of N$ 5 200 to pay City of Windhoek for the water; 09 Received a cheque from Game Store, N$ 17 500 for settlement of their account; 11 Received part-payment from MTC of N$ 8 000. REQUIRED: Record the above transactions in their respective Ledgers and post the transactions to a Trial Balance.

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Expert Solution

Accounts Receivable Sales
Date Details Debit credit Balance Date Details Debit credit Balance
Debit Credit Debit Credit
Feb.4,2017 Sale 25600 25600 Feb.4,2017 A/R 25600 25600
Feb.4,2017 Sale 18500 44100 Feb.4,2017 18500 44100
Feb.9,2017 Cash 17500 26600 44100
Feb.11,2017 Cash 8000 18600 44100
Inventory Cash
Date Details Debit credit Balance Date Details Debit credit Balance
Debit Credit Debit Credit
Feb.5, 2017 Cash 10000 10000 Feb.5, 2017 Inventory 10000 -10000
10000 Feb.7, 2017 Utility 5200 -15200
Feb.9, 2017 A/R 17500 2300
Feb.11,2017 A/R 8000 10300
Utility Expense
Date Details Debit credit Balance
Debit Credit
Feb.7, 2017 Cash 5200 5200
5200
5200
Accounts Receivable - -Subsidiary Ledger
Accounts Receivable - Game Store
Date Details Debit credit Balance
Feb.4,2017 Sale 25600 25600
Feb.9. 2017 Cash 17500 8100
Accounts Receivable - MTC
Date Details Debit credit Balance
Feb.4,2017 Sale 18500 18500
Feb.11,2017 Cash 8000 10500
R.Mugabe Trading Enterprises
Trial Balance
Account Transactions
Debit Credit
Cash 25500 15200
Accounts Receivable 44100 25500
Inventory 10000
Accounts Payable
Sales 44100
Utility Expense 5200
Total 84800 84800

ekkarill92 answered 2 years ago
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