You are to enter up the necessary account for the month of January 2016 from the

Question

You are to enter up the necessary account for the month of January 2016 from the following information relating to Koddi Firm. Balanc off the account and extract a trial balance as at 31 january 2016.

2016

january 1. Started business with $3,700 cash.

2. Paid $3,500 of the opening Cash into the bank.

4. Bought goods on credit $205 from J, Watson

5. Bought a van by cheque $ 2,460

7. Bought goods for Cash $181

10. Sold good on credit $109 to L. Less

12. Returned good J. Watson $21

19. Sold goods for cash $27

22. Bought fixtures on credit from Firelighter Ltd $410

24. F. Homes lent us $750 paying as the money by cheque

29. We paid J. Watson his account by cheque $184

30. We paid Firelighters Ltd by cheque $410

Explanation / Answer

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Journal Entries Date Account Debit ($) Credit $ Jan-01 Cash 3700 Capital 3700 (Started business with $3,700 cash.) Jan-02 Bank 3500 Cash 3500 (Paid $3,500 of the opening Cash into the bank.) Jan-04 Purchases 205 J Watson 205 (Bought goods on credit $205 from J, Watson) Jan-05 Van 2460 Bank 2460 (Bought a van by cheque $ 2,460) Jan-07 Purchases 181 cash 181 (Bought goods for Cash $181) Jan-10 L.Less 109 Sales 109 (Sold good on credit $109 to L. Less) Jan-12 J watson 21 Purchases 21 (Returned good J. Watson $21) Jan-19 Cash 27 Sales 27 (Sold goods for cash $27) Jan-22 Fixtures 410 Firelighter Ltd 410 ( Bought fixtures on credit from Firelighter Ltd $410) Jan-24 Bank 750 F.Homes Loan 750 ( F. Homes lent us $750 paying as the money by cheque) Jan-29 J.watson 184 Cash 184 ( We paid J. Watson his account by cheque $184) Jan-30 Firelighter Ltd 410 Bank 410 (We paid Firelighters Ltd by cheque $410)

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