Double Entry Book-keeping with Ledger Accounts
1. Shvan makes payments to Giles from his bank account as well as by cash. All payments of less than $75 are made from petty cash. He provided the following information.
March 1 | Owed Giles, $165, from February |
2 | Paid $55 to Giles, a trade payable |
13 | Paid Giles the amount outstanding on his account, by cheque |
22 | Purchased goods on credit from Giles, list price $150, subject to a trade discount of 4% |
Prepare the account for Giles as it would appear in the books of Shvan. Balance the account at 31 March 2023 and bring down the balance at 1 April 2023.
Shvan
Giles account
Date | Details | $ | Date | Details | $ |
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