LEDGER ENTRIES Illustration Two
Jones David started a retail business with a capital of N50,000, which she paid directly into business bank account on 1st July, 2020. Her transactions for the month of July are as listed below:
July 1 July 1 July 2 July 3 July 4 July 4 July 5 July 6 July 6 July 7 July 7 July 7 July 8 July 9 July 12 July 12 July 13 July 13 July 14 July 14 July 15 July 15 July 16 July 20 July 23 July 23 July 24 July 24 July 25 July 25 July 26 July 26 July 27 July 29 July 30
Purchased office furniture and equipment by cheque N18,000
Purchased goods for sale by cheque N12,750
Sold goods on credit to Hephzibah N7,000
Received cheque of N6,230 from Hephzibah allowing cash discount of N68 Withdrew cash from bank for office use N5,000
Purchased stationeries with cash N776
Cash Sales N2,334
Purchased goods on credit from Deborah N3,250 Paid 12 months rent by cheque N6,000
Sold goods for cash N4,730
Cash taken to bank N8,674
Bought goods on credit from Deborah N1,000
Cash Sales N5,574
Issued cheque of N3,150 to Deborah in full settlement of N3,250
Paid carriage from cash N150
Sold goods on credit to Rebecca N5,200
Issued cheque to Airtel for telephone N1,250
Sold goods on credit to Sweetness N3,400
Purchased goods with cash N2,224
Received cheque of N4,300 from Rebecca allowing cash discount of N90 Paid cash to bank N2,074
Received cash from Sweetness N2,682
Drew cheque for personal use N1,750
Paid cash for transport N270
Paid cash for cleaning N600
Cash Sales paid direct into bank N6,250
Cash Sales N990
Purchased goods on credit from Sinuola N8,900
Drew cheque for salaries N5,560
Sold goods on credit to Williams N5,850
Paid Sinuola N7,124 by cheque claiming cash discount of N1,500 Received cheque from Williams N4,874, cash discount thereof N126 Paid electricity bills with cash N428
Purchased stationeries with cash N1,700
Cash Sales N2,434
You are required to enter the above transactions in their appropriate ledgers.