FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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You are the Accountant for Ching Wei Tai, a sole trader business operating downtown,
Kingston. The following transactions occurred during the year.
2021
December
Started Business with capital of $16,000 in the bank and $13,600 in cash.
Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000
Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,800
4.
5
Paid Rent by cash $2,080.
6.
Marvin paid us his account by cheque $2000
Jamie paid us $1,400 by cheque.
10
We paid the following by cheque: Grant S1,600; Brown $2,000.
12
Paid Electricity bill by cash $1000
31
The owner, Ching Wei Tai, took $2,400 from the bank for personal use.
31
Required:
Enter the following transactions in the Ledger Accounts (T-Accounts) of Ching Wei Tai
Balance off the accounts (where appropriate, do the Balance brought down/Balance
Brought Forward as at January 1, 2022)
Extract a trial balance as at December 31, 2021 for Ching Wei Tai.
I.
II.
II
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Transcribed Image Text:You are the Accountant for Ching Wei Tai, a sole trader business operating downtown, Kingston. The following transactions occurred during the year. 2021 December Started Business with capital of $16,000 in the bank and $13,600 in cash. Bought goods on credit from the following persons: Grant $3,200; Brown $4,800 and Ricketts $3,000 Sold goods on credit to: Marvin $10,000; Jamie $24,800; Ruth $1,800 4. 5 Paid Rent by cash $2,080. 6. Marvin paid us his account by cheque $2000 Jamie paid us $1,400 by cheque. 10 We paid the following by cheque: Grant S1,600; Brown $2,000. 12 Paid Electricity bill by cash $1000 31 The owner, Ching Wei Tai, took $2,400 from the bank for personal use. 31 Required: Enter the following transactions in the Ledger Accounts (T-Accounts) of Ching Wei Tai Balance off the accounts (where appropriate, do the Balance brought down/Balance Brought Forward as at January 1, 2022) Extract a trial balance as at December 31, 2021 for Ching Wei Tai. I. II. II
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