NAME OF ACCOUNT TO BE DEBITED TO BE CREDITED

a) Paid cash to acquire new machinery.

b) The owner puts money into the

Business bank.

c) Borrowed cash from R. Port.

d) Sold goods; all customers paying by

Cash.

e) Paid electricity bill in cash.

d) Paid rent expense by cheque.

e) Bought delivery van by cheque.

Merchandise is sold for $80,000 cash

f) Used some money to purchase cash registers, 10,000.

g) Paid for advertising, $60, by cheque.

h) We returned goods to Ms. Smith, $300.

i) We paid by cheque to F. Black

j) Credit Sales $1,150

k) Credit Purchases from Ms. Musgrave

Complete the following table

Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only.
Do not write up the other accounts. Balance off each personal account at the end of the
month. After completing this, state which of the balances represent debtors and which
represent creditors.
2011
May 1 Credit sales F. Black $620; G. Smith $84; L. Sime$1,200; J. Teel $608.
May 2 Credit purchases from P. Best $190; 1. Donovan $63; G. Lime $210; T. still
$360.
May 8 Credit sales to G. Smith $322; L. Sime $448.
May 9 Credit purchases from I. Donovan $215; T. Still $164.
May 10 Goods returned to us by L. Sime $62; J. Teel $164.
May 12 Cash paid to us by J. Teel $454.
May 15 We returned goods to P. Best $25; T. Still $21.
May 19 We received cheques from L. Sime $180; F. Black $620.
May 21 We sold goods on time to F. Black $180; G. Smith $860,
May 28 We paid by cheque the following: P. Best £165; T. Still $100; G. Lime $180
May 31 We returned goods to T. Still $40.