Jan. 5 Sold goods on credit to A. Russell $2,000.
Jan. 6 V. Newman settled his account with cash receiving a 2% cash discount.
Jan. 6 Goods valued at $250, sold for cash to D. Daniels on January 3, was
returned to John Brown as damaged. A credit note was given to Daniels.
Jan. 7 Sold goods on credit to Success Ltd. $3,300.
Jan. 8 Bought goods on credit from A. Lowe $12,000.
Jan. 11 Bought stationery for cash $1,200.
Jan. 12 Paid wages by cash $1,000.
Jan. 15 Bought goods on credit from J. Morgan $7,500.
Jan. 18 Lodged cash of $9,500 to the business bank account.
Jan. 20 Paid A. Lowe $10,800 in full settlement of the balance outstanding by
cheque.
Jan. 23 Bought equipment on credit from Computer Ltd. for $50,000.
Jan. 27 Purchased goods on credit from A. Lowe for $8,000.
Jan. 30 Paid wages by cash $1,000.
(b) Post the transactions recorded above to the relevant General Ledger and extract a Trial
Balance on January 31, 20X9.
(c) Assuming a closing stock of $38,000, prepare an Income Statement for the month ended
January 31, 20X9 and a Balance Sheet as at that date.