You are to enter up the necessary accounts for the month of May from the following details, then balance off the accounts and extract a trial balance as at 31 May 2020. May 1 Started business with capital of $2,500, which was paid into the bank. May 2 Bought goods on credit from the following: D. Ellis $540; C. Mendez $87; K. Gibson $76. May May 4 Sold goods on credit to: C. Bailey $430; B. Hughes $62; H. Spencers $176. 6 Sold goods for cash, $500. 8 Paid rent by cash, $120. May May 9 Bailey paid us $250 by cheque 10 H. Spencer paid us $150 on his account by cheque. 12 Paid the following by cheque: K. Gibson $76; D. Ellis, $370 on account. 15 Bought stationery for cash, $60. May May May May 18 Bought goods on credit from D. Ellis $145; C. Mendez $234. May 19 Paid rent by cash $120. May 25 Sold goods on credit to C. Bailey $90, B. Hughes $110, H. Spencer $128. May 31 Paid C. Mendez by cheque $87.
You are to enter up the necessary accounts for the month of May from the following details, then balance off the accounts and extract a trial balance as at 31 May 2020. May 1 Started business with capital of $2,500, which was paid into the bank. May 2 Bought goods on credit from the following: D. Ellis $540; C. Mendez $87; K. Gibson $76. May May 4 Sold goods on credit to: C. Bailey $430; B. Hughes $62; H. Spencers $176. 6 Sold goods for cash, $500. 8 Paid rent by cash, $120. May May 9 Bailey paid us $250 by cheque 10 H. Spencer paid us $150 on his account by cheque. 12 Paid the following by cheque: K. Gibson $76; D. Ellis, $370 on account. 15 Bought stationery for cash, $60. May May May May 18 Bought goods on credit from D. Ellis $145; C. Mendez $234. May 19 Paid rent by cash $120. May 25 Sold goods on credit to C. Bailey $90, B. Hughes $110, H. Spencer $128. May 31 Paid C. Mendez by cheque $87.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....
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