Construct the double-entry accounts for the following transactions of a sole trader and balance off each account at the end of the month:
|
1-Jul |
Started own business by placing £3,000 into the bank account and immediately transferred £400 into the cash box. |
|
3-Jul |
Bought inventory on credit from K Atkinson for £231. |
|
7-Jul |
Paid insurance by cheque £500. |
|
10-Jul |
Bought inventory for £87, paying by cash. |
|
16-Jul |
Sold inventory on credit to H Taylor for £450. |
|
19-Jul |
Taylor returns £80 of the inventory. |
|
27-Jul |
Paid sundry expenses £120 by cash. |
|
31-Jul |
Taylor pays his account in full by cheque. |