STEP 1 Transactions Select a business of your own choice and make up at least 15 transactions...

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Accounting

STEP 1 Transactions
Select a business of your own choice and make up at least 15transactions of your own choice. These transactions should focus onCash Receipts, Cash Payments, Sales, Purchases, Sales Returns,Purchases Returns and General transactions.
STEP 2 Source Documents
For each of the transaction that you have selected, identify thesource document used.
Step 3 Journals
Post the 15 transactions selected in step 1 into the 7 journalsthat you have learnt.
Step 4 T-Form Ledger Accounts
Post the entries from the Journals to the ledger. You arerequired to make all the ledger accounts.
Step 5 Trial Balance
From all the Ledger Accounts Prepared in Step 4, extract a TrialBalance.

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Answer STEP 1 TransactionsSTEP 2 Source DocumentsSTEP 3 JournalsDateAccounting Title and ExplanationsDebitCredit1112019Bank20000Nancy Capital20000Beingentry for capital introduced 20000 in cash to business2152019Furniture and Fittings3500Bank3500Beingentry for office furnitures and fittings of 3500 bought3162019Purchases4500Bank4500Beingentry for cloths purchased from Merrico Co for cash 45004192019Purchases9650Accounts payable9650Beingentry for cloths purchased from Gidko Ltd for 9650 on credit51122019AccountsReceivables3700Sales3700Beingentry for goods sold on credit to Mr John Davis for 3700 61152019Accountspayable3550Purchase See Answer

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