Question

Enter the following transaction, completing the double entry in thebooks for the month of May 2013: 2013 May1 Started business with$18,000 in the bank and $2,000 in cash 2 Purchased goods $580 oncredit from D. Monty 3 Bought fixtures and fittings $2,300 payingby cheque 5 Sold goods for cash $280 6 Bought goods on credit $650from C. George 10 Paid rent by cash $400 12 Bought stationery $90,paying in cash 18 Goods returned to D. Monty $82 21 Received rentof $240 by cheque for the sublet of corner space 23 Sold goods oncredit to G. Field for $1,600 24 Bought a van paying by cheque$8,200 30 Paid the month’s wages by cash $610 31 The proprietortook cash for his own personal use $510