The following transactions were extracted from the books ofKwabeng enterprise for February 2020FebruaryCommenced business with a capital of GHC15,000 cash0503Purchased good GHC6,000Purchased goods on credit from S & Co. GHC3,0000710Purchased furniture GHC2,400Returned goods to S & Co. GHC600.Sold goods GHC3,900101112Received an invoice from Smith GHC5,00015Sold goods on credit to DD GHC2,250Paid salaries GHC9602022Purchased a van GH€50,000 on credit from Silver StarAuto Ltd.24Received commission GHC7525Goods returned by DD GHC45025Received cash from DD GH€1,50026Paid to S & Co. GH€1,800Withdrew from business GHC900 for personal useBorrowed from KK GHC1,5002728Required:1. Record the above transactions in the appropriate journals2. Post entries to relevant ledger accounts3. Prepare a trial balance.

Bookkeeping can be defined as the process of recording financial transactions on a regular basis. It…

The following transactions were extracted from the books of Kwabeng enterprise for February 2020 February Commenced business with a capital of GHC15,000 cash Purchased good GHC6,000 Purchased goods on credit from S & Co. GHC3,000 03 0s 07 10 Purchased furniture GHC2,400 Returned goods to S & Co. GHC600. Sold goods GHC3,900 Received an invoice from Smith GHC5,000 10 11 12 Sold goods on credit to DD GHC2,250 Paid salaries GHC960 15 20 22 Purchased a van GHE50,000 on credit from Silver Star Auto Ltd. 24 Received commission GHC75 Goods returned by DD GHC450 Received cash from DD GHC1,500 25 25 26 Paid to S & Co. GHC1,800 Withdrew from business GHC900 for personal use Borrowed from KK GHC1,500 27 28 Required: 1. Record the above transactions in the appropriate journals 2. Post entries to relevant ledger accounts a. Prepare a trial balance.

The following transactions were extracted from the books of Kwabeng enterprise for February 2020 February Commenced business with a capital of GHC15,000 cash Purchased good GHC6,000 Purchased goods on credit from S & Co. GHC3,000 03 0s 07 10 Purchased furniture GHC2,400 Returned goods to S & Co. GHC600. Sold goods GHC3,900 Received an invoice from Smith GHC5,000 10 11 12 Sold goods on credit to DD GHC2,250 Paid salaries GHC960 15 20 22 Purchased a van GHE50,000 on credit from Silver Star Auto Ltd. 24 Received commission GHC75 Goods returned by DD GHC450 Received cash from DD GHC1,500 25 25 26 Paid to S & Co. GHC1,800 Withdrew from business GHC900 for personal use Borrowed from KK GHC1,500 27 28 Required: 1. Record the above transactions in the appropriate journals 2. Post entries to relevant ledger accounts a. Prepare a trial balance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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