Basic Double Entry

2010

May 1    Owner started business Gummy Sweets with $5 000 cash in hand.

May 3    The business borrowed $10 000  from C. Wuggot which was put to the bank account.

May 4    Bought goods on credit for $400 from M. Dyall.

May 6    Goods returned to M. Dyall $50.

May 11  Rent Received by cheque $200

May 14  Paid wages by cheque $30

May 16  Owner took $ 250 cash from business for personal use

May 19  Sold goods on credit to H. Hannis for $200.

May 23  Goods returned from H. Hannis $20.

May 26  Paid M. Dyall $150  by cheque.

Posting Entries to the General and Subsidiary Ledgers

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