The following transactions relate to H Taylor, a customer of the firm, for February 2015. Construct the ledger account of Taylor for the following transactions and calculate the balance on his account by the end of the month.
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1-Feb |
Sell goods on credit to Taylor for £560. 6 Feb He returns £25 of goods. |
|
9-Feb |
A further £280 of goods is sold to Taylor. |
|
15-Feb |
We receive a cheque from Taylor for £500 in full settlement of the goods sold on 1 Feb (the difference in the amounts represents a discount we allow Taylor as a prompt payer). |
|
20-Feb |
Taylor returns £20 of the goods sold on 9 Feb. |