Question

The following is the transactions for the month of August 2017. At a starting capital 0f $25,000

Aug 1- Bought goods from Nestle ltd by cheque for $12,500.

6 - Good sold to Tru Value supermarket by cheque for $900

9 - Massy stores paid us by cheque for goods valued at $7,500

10 - Bought goods paying by cheque $21,000 recieving a 5% trade discount

15 - Recieved a cheque from Tru Value for goods valued $6,500

21 - Paid for transportation inward by cheque $800

23 - Sold goods to Xtra foods supermarket on credit $10,710

27 - Massy stores paid us by cheque for goods bought and delivered $21,542

30 - Sold goods to Comron gum on credit $778.

31 - Xtra foods supermarket returned goods valued at $655.

requirement:

1. prepare a journal entry for the transations.

2. prepare T-accounts for each account.

Answer 1

I hope above will help but still if you have any doubt please let me know