Prepare a trial balance, Record the following transactions

Prepare a trial balance

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Reference no: EM131470762

Introductory Accounting - Observation Exercise - Chapter 1

Question 1

Record the following transactions in the ledger of Edinburgh Calculators, and prepare a Trial Balance as at 31st May 2017.

2017
1st May	Edinburgh commenced business by contributing the following assets and liabilities: Cash at bank $40,000, Stock $70,000, Fixtures & Fittings $40,000 Buildings $500,000, Mortgage on buildings $300,000
2nd May	Purchased stock on credit $4 400 from The Calculator Factory Paid power and light, $410 cash
3rd May	Cash purchases $870 Purchased new fixtures and fittings for $25,000, paying a cash deposit of $5,000 and the balance to be paid to Fitting Fixtures Ltd. in 60 days
4th May	Returned stock to The Calculator Factory $300
7th May	Settled account with Calculator Factory less 10% discount Cash Sales $3,200
9th May	Paid advertising, $11700 cash
11th May	Cash Sales $3,000
15th May	Credit sales to P. Hudson $1,200
17th May	P. Hudson returned faulty goods valued at $200
19th May	Paid Wages $2,600 Cash Sales $1,550
23rd May	Paid Fitting Fixtures Ltd. $5,000 off the amount owing Cash Sales $860 Credit purchases from Numbered Buttons Ltd $2,760
25th May	Purchased additional buildings for $300,000 The terms were a cash deposit of $30,000, and a new loan from POQ Loans for $270,000. Cash purchases $360.
29th May	Paid wages $2,600 P. Hudson settled their account, less 10% discount
31st May	Stanley (the owner) withdrew stock valued at $650 for personal use Paid insurance, $660 cash

Reference no: EM131470762

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