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retaile Record the following transactions for the month of January of a small finishing ance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Jan bal 1 Started in business with £10,500 cash. 2 Put E9,000 of the cash into a bank account 3 Bought goods for cash £550. 4 Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. 5 Bought stationery on time from Buttons Ltd £89. 6 Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204. 8 Paid rent by cheque E220. 10 Bought fixtures on time from Chiefs Ltd £610. 11 Paid salaries in cash £790 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. 16 Received loan from B. Barclay by cheque E2,000. 18 Goods returned to us by: R. Tong £5; M. Singh £20. 21 Cash sales £145 24 Sold goods on time to: L. Fish £130: A Tom £410; R. Pleat £158 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L. Fish £370. 30 Received a further loan from B. Barclay by cash E500. 30 Received £614 cash from A. Tom.
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29 Date 30 31 32 Account Title & Explanation Debit Credit 2016 1-Jan Cash 10500 Common Stock 10500 To record started business with cash 34 35 36 37 38 39 40 41 42 43 2-Jan Bank Cash 9000 (To record amount put into bank account) 3-Jan Purchases (Inventory) 550 Cash 550 To record purchase of goods for Cash) 4-Jan Purchases (Inventory) 2400 Accounts Payable (800+930+160+510) To record purchase of goods on credit) 2400 45 47 48 49 50 51 52 53 5-Jan Stationery 89 Accounts Payable To record purchase of stationery on credit) 89 6-Jan Accounts Receivable (170+240+326+204) Sales Revenue To record sale of goods)

8-Jan Rent Expense Bank 56 57 58 59 10-Jan Fixtures To record payment of rent made by Cheque) 610 Accounts Payable To record purchase of fixtures on credit) 610 61 62 63 64 11-Jan Salaries Expense Cash To record salaries paid in cash) 67 14-Jan Accounts Payable 72 Purchase Return (30+42) 72 To record return of goods) 70 71 15-Jan Van 72 73 74 75 16-Jan Bank 76 6500 Bank 6500 To record purchase of Van by Cheque) Loan To record receipt of Loan)79 80 81 82 83 84 85 86 87 18-Jan Sales Return 25 Accounts Receivable (5+20) 25 To record sales return 21-Jan Cash 145 Sales Revenue 145 (To record sale of goods for cash) 24-Jan Accounts Receivable (130+410+158) Sales Revenue 698 698 89 90 91 26-Jan Accounts Payable 92 93 94 95 29-Jan Bank 96 97 To record sale of goods) 1018 Bank (900+118) 1018 To record payment made) 528 Accounts Receivable (158+370) 528 To record payment received) 99 30-Jan Cash 100 101 Loan To record receipt of Loan)

103 30-Jan Cash 104 105 106 107 108 109 110 614 Accounts Receivable 614 To record payment received) T- Accounts Bank Cash 10500 145 500 614 1419 9000 9000 550 6500 528 1018 112 113 114 115 116 3790 Accounts Receivable Statione 25 528 614 89 698 118 119 120 121 122 123 124 125 126 471 89 Fixtures Van 610 6500 610 6500Accounts Payable 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 Loan 72 1018 2400 89 610 2009 2000 500 2500 Common Stock 10500 10500 Purchases Purchase Return 550 2400 2950 72 72 Sales Revenue Sales Return 25 145 698 1783 25

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