Question

Enter the following transactions in the accounts of P.Reynolds Balance off the accounts and extract a trial balance as at January 31, 2015.

2015
January
1 Started Business with capital in cash of $675 and $1200 in the bank.
2 Bought goods on credit from the following persons: M. Davis $ 825; D. Riley $450 and T. Bailey $420
4 Sold goods on credit to: R. Miller $ 975; S. Jew $ 600; R.Mullings $1215
6 Paid rent by cash $190.
9 S. Jew paid us his account by cash $315
10 R.Mullings paid us $600 by cheque.
12 We paid the following by cheque: M. Davis $195, T. Bailey $ 75.
31 Paid Telephone bill by cheque $ 240

Answer 1

Explanation:

Enter the following transactions in the accounts of P.Reynolds Balance off the accounts and extract a trial balance as at January 31, 2015.

2015

January

1 Started Business with capital in cash of $675 and $1200 in the bank.

2 Bought goods on credit from the following persons: M. Davis $ 825; D. Riley $450 and T. Bailey $420