Prepare journal entries from the following transactions and extract a trial balance
July:
1 Started business with sh. 5,000 in bank and sh. 1,000 cash.
2 Bought stationery by cheque sh. 75
3 Bought goods on credit from smart sh. 2,100
4 Sold goods for cash sh. 340
5 Paid insurance by cash sh. 290
7 Bought a computer on credit from Hott. Sh. 700
8 Paid expenses by cheque sh. 32
10 Sold goods on credit to Biggins sh. 630
11 Returned goods to Smart sh. 550
14 Paid wages by cash. Sh. 210
17 Paid rent by cheque sh. 225
20 Received a cheque sh. 400 from Biggins
21 Paid Hott by cheque 700
23 Bought stationary on credit from News Ltd 125
31 Sod goods on credit to F Tank sh. 645. (20marks)
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