Monica started a business on 1st January 2018. The following are her transactions:
Jan 1st : capital $20,000 was paid into a business bank account.
Jan 2nd : paid rent $500 by cheque
Jan 4th : returned goods $100 to Jake
Jan 7th : sold goods $1700 on credit to Clara
Jan 9th : paid $3000 by cheque to Jake
Jan 12th : Clara paid $1000 by cheque
Jan 13th : paid office expenses in cash $20
Jan 14th : cash sales $1500
Jan 15th : cash withdrawn for personal use $500
Record the above transactions using the double entry system and bring down the balance on 1st Feb 2018.
Total – 15 marks
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