Question

10.3 The following transactions are to be entered up in the ledger for June. Balance off all accounts and extract a trial balance as at 30 June 2018. 2018 June 1 June 2 June 3 June 4 June 5 June 7 June 9 June 11 June 13 June 15 June 19 June 20 June 21 June 23 June 25 June 26 June 27 June 28 June 29 June 30 Started business with $6,000 in the bank and $500 cash in hand. Bought $2,500 goods on credit from C. Jones. Credit sales: H, Henry, $660; N. Neita, $250, P Pitter, $43. Goods bought for cash, $230. Bought motor van paying by cheque, $2,560. Paid motor expenses by cheque, $72. Credit sales: B. Barnes, $240; K. Lyn, $260; M. Moore, $650 Goods bought on credit: C. Jones, $240, N. Moss, $62; O. Hue, $460. Goods returned by us to C. Jones, $25. Paid motor expenses by cash, $50. Goods returned to us by N. Neita, $110. Cash taken for own use [drawings), $100. Paid the following by cheque: N. Moss, $62; 0. Hue, $460. H. Henry paid us in cash, $660. P Pitter paid us by cheque, $43. Cash sales, $340. Cash taken for own use, $124. Goods returned by us to C. Jones, $42. Paid for postage stamps by cash, $24. Credit sales: N. Nieta, $143; M. Edgar, $67; K. Lyn, $245.​

Answer 1

Step-by-step explanation:

June 1:

Bank Account: +$6,000

Cash Account: +$500

Capital Account: +$6,500

June 2:

Purchases Account: +$2,500

Accounts Payable (C. Jones): +$2,500

June 3:

Accounts Receivable (H. Henry): +$660

Sales Account: +$660

June 4:

Accounts Receivable (N. Neita): +$250

Sales Account: +$250

June 5:

Accounts Receivable (P. Pitter): +$43

Sales Account: +$43

June 7:

Cash Account: -$230

Purchases Account: +$230

June 9:

Motor Van: +$2,560

Bank Account: -$2,560

June 11:

Motor Expenses Account: +$72

Bank Account: -$72

June 13:

Accounts Receivable (B. Barnes): +$240

Sales Account: +$240

June 13:

Accounts Receivable (K. Lyn): +$260

Sales Account: +$260

June 13:

Accounts Receivable (M. Moore): +$650

Sales Account: +$650

June 15:

Purchases Account: +$240

Accounts Payable (C. Jones): +$240

June 15:

Purchases Account: +$62

Accounts Payable (N. Moss): +$62

June 15:

Purchases Account: +$460

Accounts Payable (O. Hue): +$460

June 17:

Purchases Returns and Allowances Account: +$25

Accounts Payable (C. Jones): -$25

June 19:

Motor Expenses Account: -$50

Cash Account: -$50

June 20:

Accounts Receivable (N. Neita): -$110

Sales Returns and Allowances Account: +$110

June 20:

Drawings Account: -$100

Cash Account: -$100

June 21:

Accounts Payable (N. Moss): -$62

Cash Account: -$62

June 21:

Accounts Payable (O. Hue): -$460

Cash Account: -$460

June 23:

Cash Account: +$660

Accounts Receivable (H. Henry): -$660

June 23:

Cash Account: +$43

Accounts Receivable (P. Pitter): -$43

June 25:

Cash Account: +$340

Sales Account: +$340

June 25:

Drawings Account: -$124

Cash Account: -$124

June 26:

Purchases Returns and Allowances Account: +$42

Accounts Payable (C. Jones): -$42

June 27:

Postage Stamps Account: +$24