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FINANCIAL ACCOUNTING ASSIGNMENT- TRIAL BALANCE
Write up the following transactions and trial balance.
The following transactions took place during the month of May:
2003 May 1 started firm with capital in cash of £250." 2 Bought goods on credit from the following persons: R Kelly £54; PcombS £87; - J Role £25; D Mobile £76; I. Sims £64." 4 Sold goods on credit to: C Blanes £43; B Long £62; F Skin £176." 6 Paid rent by cash £12." 9 C Blanes paid us his account by cheque £43." 10 F Skin paid us £150 by cheque." 12 We paid the following by cheque: J Role £25; R Kelley £54." 15 Paid carriage by cash £23." 18 Bought goods on credit from P Combs £43; Mobile £110." 21 Sold goods on credit to B Long £67." 31 Paid rent by cheque £18.
Accounting treatment for errors and corrections - Income Statement and the stockholder's equity section of the Balance Sheet using the symbol (O/S) for overstated, (U/S) for understated, and (N/E) for no effect.
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