5 Sold goods for cash £140. 6 Bought goods on credit £325 from C Monty. 10 Paid rents by cash £200. 12Bought stationery £45, paying in cash. 18 Goods returned to D James £41. 21 Received rent of £25 by cheque for sublet of corner space. 23 Sold goods on credit to G Cross for £845. 24 Bought a van paying by cheque £4,100. 30 Paid the month's wages by cash £360. 31 The proprietor took cash for his own personal use £80. 9. Enter the following in the personal accounts (i.e., the creditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month. After completing this, state which of the balances represent debtors and which represent creditors. Sept 1 Sales on credit td J Bee £520; T Day £630; J Soul £240. 2 Purchases on credit D Blue £390; F Rise £510; P Lee £280. 8 Sales on credit to T Day £640; L Hope £418. 10 Purchases on credit from F Rise £92; R James £870. 12 Returns inwards from J Soul £25; T Day £190. 17 We returned goods to F Rise £12; R James £84. 20 We paid D Blue by cheque £390. 24 J Bee paid us by cheque £400. 26 We paid R James by cheque £766. 28 J Bee paid us by cash £80. 30 L Hope pays us by cheque £4 18. 8/2021/Term 1/ Holiday Assignment Exploring
5 Sold goods for cash £140. 6 Bought goods on credit £325 from C Monty. 10 Paid rents by cash £200. 12Bought stationery £45, paying in cash. 18 Goods returned to D James £41. 21 Received rent of £25 by cheque for sublet of corner space. 23 Sold goods on credit to G Cross for £845. 24 Bought a van paying by cheque £4,100. 30 Paid the month's wages by cash £360. 31 The proprietor took cash for his own personal use £80. 9. Enter the following in the personal accounts (i.e., the creditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month. After completing this, state which of the balances represent debtors and which represent creditors. Sept 1 Sales on credit td J Bee £520; T Day £630; J Soul £240. 2 Purchases on credit D Blue £390; F Rise £510; P Lee £280. 8 Sales on credit to T Day £640; L Hope £418. 10 Purchases on credit from F Rise £92; R James £870. 12 Returns inwards from J Soul £25; T Day £190. 17 We returned goods to F Rise £12; R James £84. 20 We paid D Blue by cheque £390. 24 J Bee paid us by cheque £400. 26 We paid R James by cheque £766. 28 J Bee paid us by cash £80. 30 L Hope pays us by cheque £4 18. 8/2021/Term 1/ Holiday Assignment Exploring
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:5 Sold goods for cash £140.
6 Bought goods on credit £325 from C Monty.
10 Paid rents by cash £200.
12Bought stationery £45, paying in cash.
18 Goods returned to D James £41.
21 Received rent of £25 by cheque for sublet of corner space.
23 Sold goods on credit to G Cross for £845.
24 Bought a van paying by cheque £4,100.
30 Paid the month's wages by cash £360.
31 The proprietor took cash for his own personal use £80.
9. Enter the following in the personal accounts (i.e., the creditor and debtor accounts) only. Do
not write up the other accounts. Balance off each personal account at the end of the month. After
completing this, state which of the balances represent debtors and which represent creditors.
Sept 1 Sales on credit td J Bee £520; T Day £630; J Soul £240.
2 Purchases on credit D Blue £390; F Rise £510; P Lee £280.
8 Sales on credit to T Day £640; L Hope £418.
10 Purchases on credit from F Rise £92; R James £870.
12 Returns inwards from J Soul £25; T Day £190.
17 We returned goods to F Rise £12; R James £84.
20 We paid D Blue by cheque £390.
24 J Bee paid us by cheque £400.
26 We paid R James by cheque £766.
28 J Bee paid us by cash £80.
30 L Hope pays us by cheque £4 18.
8/2021/Term 1/ Holiday Assignment
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