O, Motor Van $450, Fixture sh at Bank $1,254, Cash ir V. Reagan $200.

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section18.1: Short-term Debt Financing
Problem 1WT
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2010
May 1 Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors:
N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45.
Liabilities: Creditors: B. Blake $60, V. Reagan $200.
May 1 Paid rent by cheque $15.
2 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee
$69.
3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98;
N. Duffy $48; B. Green $118; M. Nelson $40.
4 Paid for motor expenses by cash $13
7 Cash drawings by proprietor $20
9 Goods sold on credit to: M. Benjamin $22; L. Pearson $67
11 Goods returned to Mullins by: K. O'Connor $16; L. Staines $18
14 Bought another motor van on credit from Better Motors Ltd $300
16 The following paid Mullings their accounts by cheque less 5% cash discount:
N. Hardy; M. Nelson; K. O'Connor; L. Staines
19 Goods returned by Mullings to N. Lee $9
22 Goods bought on credit from: J. Johnson $89; T. Best $72
24 The following accounts were settled by Mullings by cheque less 5% cash
discount: B. Blake; V. Reagan; N. Lee
27 Salaries paid by cheque $56
30Paid rates by cheque $66
31 Paid Better Motors Ltd a cheque for $300
1. The closing stock at 31 May 2010 $1560
2. You are to open the books of K. Mullings, a trader, via the journal to record the assets
and liabilities, and then record the daily transactions via the books of original entry and
the ledgers for the month of May 2010
3. Atrial balance is to be extracted as on 31 May, 2010.
4. The trading and profit and loss account for the month ended 31 May 2010.
5. The balance sheet as at 31 May 201o
Transcribed Image Text:2010 May 1 Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors: N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45. Liabilities: Creditors: B. Blake $60, V. Reagan $200. May 1 Paid rent by cheque $15. 2 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee $69. 3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98; N. Duffy $48; B. Green $118; M. Nelson $40. 4 Paid for motor expenses by cash $13 7 Cash drawings by proprietor $20 9 Goods sold on credit to: M. Benjamin $22; L. Pearson $67 11 Goods returned to Mullins by: K. O'Connor $16; L. Staines $18 14 Bought another motor van on credit from Better Motors Ltd $300 16 The following paid Mullings their accounts by cheque less 5% cash discount: N. Hardy; M. Nelson; K. O'Connor; L. Staines 19 Goods returned by Mullings to N. Lee $9 22 Goods bought on credit from: J. Johnson $89; T. Best $72 24 The following accounts were settled by Mullings by cheque less 5% cash discount: B. Blake; V. Reagan; N. Lee 27 Salaries paid by cheque $56 30Paid rates by cheque $66 31 Paid Better Motors Ltd a cheque for $300 1. The closing stock at 31 May 2010 $1560 2. You are to open the books of K. Mullings, a trader, via the journal to record the assets and liabilities, and then record the daily transactions via the books of original entry and the ledgers for the month of May 2010 3. Atrial balance is to be extracted as on 31 May, 2010. 4. The trading and profit and loss account for the month ended 31 May 2010. 5. The balance sheet as at 31 May 201o
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