Question

1. From the following list of transactions, draw up the accounts for Jeremiah:

July 1 Start business with £500 cash
3 Bought goods for cash £85
7 Bought goods on credit £116 from F Morgan
10 Sold goods for cash £42
14 Returned goods to E Morgan £28
18 Bought goods on credit £98 from A Moses
21 Returned goods to A Moses £19
24 Sold goods to A Knight £55 on credit
25 Paid E Morgan's account £88 in cash
31 A Knight paid his account in cash £55

Answer 1

Answer:

cash account dr. 500

to capital account 500