Question

Date	please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable, Transaction description
1	Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021.
2	Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201.
3	Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
3	Paid the full amount owing to Restlay, Cheque No. 903（$2942) . Payment fell within discount period.
4	Paid the full amount owing to Gillard Wholesalers, Cheque No. 904($2261) . Payment fell within discount period.
4	Made cash sales of $5,896 during the first 4 days of the month.
4	Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.
5	Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.

Answer 1

1. Cash at Bank a/c IN $

Date	Explanation	R.F	Debit	Credit	Balance
1	loan obtained from MRMC BANK		48000		48000
3	Repay to Restlay	cheq 903		2942	45058
4.	repay to gillard wholseller	cheq`904		2261	42797
4.	cash purchase of hezelnut toffe	cheq 905		850	41947
4	cash sales in 4 days		5896		47843

2.

Bank loan Repayable

Date	explanation	ref	debit	credit	balance
1	loan obtained from MRMC BANK			48000	-48000

3. Account Recievable

Date	explanation	ref	debit	credit	balance
2	Sold 9 boxes of Sprearmint Gum to Sweet Tooth	201	900		900

4. Inventory Account

Date	Explanation	Ref	debit	Credit	balance
2	Sold 9 boxes of Sprearmint Gum to Sweet Tooth	201		540	(540)
3	Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group		1020		480
4	Purchased 17 boxes of Hazelnut Toffee	cheq 905	850		1330
4	cash sales in 4 days			3538	(2208)
5	Purchased 22 boxes of Party Mix from East Tangiers Cooperative		880		(1328)

5. Account Payable

Date	Explanation	ref	debit	credit	balance
3	Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group			1020	(1020)
3	Pay to restly	chq 903	2942		1922
4	Repay to Gillard wholeseller	cheq 904	2261		4183
5	Purchased 22 boxes of Party Mix from East Tangiers Cooperative			880	3303

Working note

1	Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021.
	Cash at bank a/c dr	48000
	To bank loan repayable		48000
2	Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. (assume boxes sold has $60 each purchase price)
	Account Recievable a/c dr	900
	To Sales revenue		900
	Cost of good sold	540
	To Inventory		540
3	Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
	Inventory a./c Dr	1020
	To Account payable		1020
3	Paid the full amount owing to Restlay, Cheque No. 903（$2942) . Payment fell within discount period.
	Account Payable	2942
	to Cash at bank		2942
4	Paid the full amount owing to Gillard Wholesalers, Cheque No. 904($2261) . Payment fell within discount period.
	Account Payable	2261
	to Cash at bank		2261
4	Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.
	Inventory a/c dr	850
	to Cash at bank		850
4	Made cash sales of $5,896 during the first 4 days of the month.Assume selling price is 100and purchase price is 60
	Cash at bank a/c dr	5896
	To Sales revenue		5896
	Cost of good sold	3538
	to Inventory		3538
5	Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.
	Inventory a/c dr	880
	To Account payable		880