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Question 1: The following is a summary of the transactions that took place in MONAF...

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Accounting

Question 1: The following is a summary of the transactions that took place in MONAF Ltd during March 2020: March 1 st The owner started a new business with 100,000 cash. March 3rd bought An Equipment at a cost of 5,000 on credit from YSF Ltd. March 4 th paid 10,000 monthly Rent. March 6 th bought stock using 2,000 cash. March 9 th cash sales of 10,000, and credit sales of 5,000 on credit to SMR Ltd. March 12th collected the 5,000 cash from SMR Ltd. March 14th paid 1,000 monthly Bills. March 16th The owner took 1000 cash from the business for his personal use. March 28th paid 3,000 monthly insurance. March 29th paid 5,000 to YSF Ltd. Required a) Record the above transactions in a set of journal entries. (30 marks) b) Open ledger accounts for Cash, Insurance, and Sales, and calculate their final balances at the end of the period.

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