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Week 2 Homework

The document outlines a series of financial transactions for Jane Mellor in May 2011, starting with an initial cash investment of $22,000. It includes various entries such as payments for rent, goods for resale, stationery, and a secondhand van, as well as sales made in cash and by cheque. These transactions are to be recorded in double entry accounting format.

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moeyatiaung12102002
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3 views1 page

Week 2 Homework

The document outlines a series of financial transactions for Jane Mellor in May 2011, starting with an initial cash investment of $22,000. It includes various entries such as payments for rent, goods for resale, stationery, and a secondhand van, as well as sales made in cash and by cheque. These transactions are to be recorded in double entry accounting format.

Uploaded by

moeyatiaung12102002
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Question 2

You are required to enter the following transactions in the double entry records of Jane
Mellor for the month of May 2011.

2011
May 1 Started in business with $22,000 in cash.
May 3 Paid $20,000 of the cash into the bank.
May 7 Paid rent for premises $500 by cheque.
May 10 Bought goods for resale $1,700 paid by cheque.
May 15 Bought display units for $400 paid by cheque.
May 20 Sold goods for cash $328.
May 22 Paid $72 cash for stationery.
May 23 Bought goods for resale $400 paid by cheque.
May 25 Sold goods $560 and received payment by cheque.
May 31 Bought secondhand van $3,000 paid by cheque.

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