5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.
5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 10PA: Prepare journal entries to record the following transactions. Create a T-account for Interest...
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