Answer to Question #137586 in Other for Caudria Newell

Question

Enter the following transactions in the necessary accounts in double entry and balance off the accounts.

2007
Jan 1 Started business with $20,000 in the bank
Jan 2 U. Surer lent us $10,000, giving us the money by cheque
Jan 3 Bought goods on credit, $2,960 from T. Parkin
Jan 5 Bought motor van by cheque $7,500
Jan 6 Cash sales $1,050
Jan 7 Paid motor expenses in cash $150
Jan 8 Paid wages in cash $780
Jan 10 Bought goods on credit from C. Moore $850
Jan 12 Paid insurance by cheque $220
Jan 25 Received commission in cash $1,500
Jan 31 Paid electricity bill by cheque $370

Answer 1

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