1. The following details were obtained from the books of Bee's Knees, a retailer located in Kingston 2020 May 1 Started the business with $55,000 in the bank and Fixtures $45,000 May 4 Bought merchandise for $35,000 on credit from Christopher Supplies May 5 Sold merchandise for $17,000 on credit to H. Forest May 12 Sold merchandise $13,000 by cheque May 18 Retumed merchandise $5,000 to Christopher Supplies May 20 Bought computer $12,000 cheque May 21 Sold merchandise $32,000 on credit to P. McIntosh May 22 Bought merchandise $19,000 on credit from M.N. Distributors May 25 Paid for general expenses $6,000 by cheque May 26 Paid utilities $26,000 by cheque May 27 Received $32,000 by cheque from P. McIntosh May 28 Took merchandise amounting to $8,000 for personal use

1. The following details were obtained from the books of Bee's Knees, a retailer located in Kingston 2020 May 1 Started the business with $55,000 in the bank and Fixtures $45,000 May 4 Bought merchandise for $35,000 on credit from Christopher Supplies May 5 Sold merchandise for $17,000 on credit to H. Forest May 12 Sold merchandise $13,000 by cheque May 18 Retumed merchandise $5,000 to Christopher Supplies May 20 Bought computer $12,000 cheque May 21 Sold merchandise $32,000 on credit to P. McIntosh May 22 Bought merchandise $19,000 on credit from M.N. Distributors May 25 Paid for general expenses $6,000 by cheque May 26 Paid utilities $26,000 by cheque May 27 Received $32,000 by cheque from P. McIntosh May 28 Took merchandise amounting to $8,000 for personal use

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 9Q

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