You are to enter up the necessary accounts for the month of May from the following details, then balance off the accounts and extract a trial balance as at 31 May 2020. May 1 Started business with capital of $2,500, which was paid into the bank. May 2 Bought goods on credit from the following: D. Ellis $540; C. Mendez $87; K. Gibson $76. May May 4 Sold goods on credit to: C. Bailey $430; B. Hughes $62; H. Spencers $176. 6 Sold goods for cash, $500. 8 Paid rent by cash, $120. May May 9 Bailey paid us $250 by cheque 10 H. Spencer paid us $150 on his account by cheque. 12 Paid the following by cheque: K. Gibson $76; D. Ellis, $370 on account. 15 Bought stationery for cash, $60. May May May May 18 Bought goods on credit from D. Ellis $145; C. Mendez $234. May 19 Paid rent by cash $120. May 25 Sold goods on credit to C. Bailey $90, B. Hughes $110, H. Spencer $128. May 31 Paid C. Mendez by cheque $87.

You are to enter up the necessary accounts for the month of May from the following details, then balance off the accounts and extract a trial balance as at 31 May 2020. May 1 Started business with capital of $2,500, which was paid into the bank. May 2 Bought goods on credit from the following: D. Ellis $540; C. Mendez $87; K. Gibson $76. May May 4 Sold goods on credit to: C. Bailey $430; B. Hughes $62; H. Spencers $176. 6 Sold goods for cash, $500. 8 Paid rent by cash, $120. May May 9 Bailey paid us $250 by cheque 10 H. Spencer paid us $150 on his account by cheque. 12 Paid the following by cheque: K. Gibson $76; D. Ellis, $370 on account. 15 Bought stationery for cash, $60. May May May May 18 Bought goods on credit from D. Ellis $145; C. Mendez $234. May 19 Paid rent by cash $120. May 25 Sold goods on credit to C. Bailey $90, B. Hughes $110, H. Spencer $128. May 31 Paid C. Mendez by cheque $87.

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Description: do not give answer in image format and also not given in handwritten solution Question 1A.You are to enter up the necessary accounts for the month of May from the followingdetails, then balance off the accounts and extract a trial balance as at 31 Ma

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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