Quiz

Question

Garvey had the following transactions for the month of January 2007.

2007                                                                             $

January 1    Started business with cash                  50,000.

January 1    Paid cash for rent                                     500

January 2    Paid cash for fixtures.                           5,000

January 3    Purchased on credit goods from

E. John.                                                    475

January 5    Cash Purchases                                      1599

January 13  Cash sales                                                300

January 18  Sold goods on credit to A. Goodman      742

January 27  Received cash from A. Goodman           500

January 31  Stock of goods sold for cash                   520

Required:

(A)Record and balance transactions in the relevant accounts including a cash account in the ledger of A. Garvey.

(B)Extract a Trial Balance.

Solution

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