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question archive You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance

You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance

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You are required to record the transactions in the appropriate accounts, balance off the accounts, extract a trial balance, prepare an income statement, and a balance sheet from the trial balance.


Jan 1 Started in business with £10,500 cash.
== 2 Put £9,000 of the cash into a bank account.
== 3 Bought goods for cash £550.
== 4 Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510.
== 5 Bought stationery on credit from Buttons Ltd £89.
== 6 Sold goods on credit to: R Tong £170; L Fish £240; M Singh £326; A Tom £204.
== 8 Paid rent by cheque £220.
== 10 Bought fixtures on credit from Chiefs Ltd £610.
== 11 Paid salaries in cash £790.
== 14 Returned goods to: F Hood £30; M Smith £42.
== 15 Bought van by cheque £6,500.
== 16 Received loan from B Barclay by cheque £2,000.
== 18 Goods returned to us by: R Tong £5; M Singh £20.
== 21 Cash sales £145.
== 24 Sold goods on credit to: L Fish £130; A Tom £410; R Pleat £158.
== 26 We paid the following by cheque: F Hood £900; M Smith £118.
== 29 Received cheques from: R Pleat £158; L Fish £370.
== 30 Received a further loan from B Barclay by cash £500.
== 30 Received £614 cash from A Tom.

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