: Mr Robert commenced business on 1st January, 2011 with a capital of

1.	: Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank account in ADCB and deposited $20,000. During the month of January 2011 the following transactions took place:Jan 1 Bought goods for cash 70,0002 Sold goods to Steve Co. (Credit) 38,00015 Sold goods for cash 9,00021 Steve Co. paid by cheque 35,00022 Stationery bill paid by cheque 2,00022 Telephone bill by cash 50031 Paid rent by cash 2,000Paid salaries by cash 3,000Withdrew cash personal use 5,000
Answer» ANSWER: CASH ACCOUNT Dr to SALES account

: Mr Robert commenced business on 1st January, 2011 with a capital of $100,000 in cash. On the same date he opened the bank account in ADCB and deposited $20,000. During the month of January 2011 the following transactions took place:Jan 1 Bought goods for cash 70,0002 Sold goods to Steve Co. (Credit) 38,00015 Sold goods for cash 9,00021 Steve Co. paid by cheque 35,00022 Stationery bill paid by cheque 2,00022 Telephone bill by cash 50031 Paid rent by cash 2,000Paid salaries by cash 3,000Withdrew cash personal use 5,000

Answer»

ANSWER:

CASH ACCOUNT Dr

to SALES account

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