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Example
The business buys £500 worth of stock using business cash.
Account
Action
Amount
Cash
Q1)
The business buys £1200 worth of stock on credit from Abe Books:
Account
Action
Amount
Abe Books
Q2)
Cash sales worth £700:
Account
Action
Amount
Cash
Q3)
£1200 worth of stock sold on credit to A. Prost:
Account
Action
Amount
A. Prost
Q4)
A. Prost returns goods valued at £300:
Account
Action
Amount
A. Prost
Q5)
The business returns £200 worth of stock to Abe Books:
Account
Action
Amount
Abe Books
Q6)
The owner buys £700 stock for the business with his own money:
Account
Action
Amount
Purchases
Q7)
Customer A. Prost gives the business a cheque for £500:
Account
Action
Amount
A. Prost
Q8)
The business pays its electricity bill; £450 by cheque:
Account
Action
Amount
Bank
Q9)
The business rents out the second floor of its building.
The tenant pays their rent to the business; £300 in cash.
Account
Action
Amount
Rent Received
Q10)
A customer asks our bookshop to repair a book.
The customer gives us £50 cheque for this work:
Account
Action
Amount
Commissions
Q11)
Bought £3,400 computers on credit from PC World:
Account
Action
Amount
PC World
Q12)
Returned £500 of unwanted computer equipment back to PC World:
Account
Action
Amount
PC World
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