Date please white general ledger : cash at bank, accounts receivable, inventory,

Question

Date

please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable,

Transaction description

5

Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.

Date

please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable,

Transaction description

1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021. 2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. 3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30. 3 Paid the full amount owing to Restlay, Cheque No. 903$2942) . Payment fell within discount period. 4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904($2261) . Payment fell within discount period. 4 Made cash sales of $5,896 during the first 4 days of the month. 4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.

5

Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.

Explanation / Answer

1. Cash at Bank a/c IN $

2.

Bank loan Repayable

3. Account Recievable

4. Inventory Account

5. Account Payable

Working note

Date Explanation R.F Debit Credit Balance 1 loan obtained from MRMC BANK 48000 48000 3 Repay to Restlay cheq 903 2942 45058 4. repay to gillard wholseller cheq`904 2261 42797 4. cash purchase of hezelnut toffe cheq 905 850 41947 4 cash sales in 4 days 5896 47843

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