[CSS2005]

Love at Last co. had the following balances in its account on July 1 20x8, Capital 30000, furniture 32000, debtors - Kun co. 17500, Lewis Co 8900, Creditors - MIG Limited 15700, O'Neil 21200, Cash 2400, Bank 6100.

During the month of July the following transacations cooured:
July 20x8

1 - The owner deposited 50000 of her own money into the firms account
3 - Purcahsed goods on credit from MIG Co. Limited and O'Neil costing 12500 and 6250 respectively
6 - Cash Sales 44000
7 - Paid 20000 for rent and rates for the month of July by cheque
12 - Sold goods on credit to Kun Co. and Lewis Co. for 14300 and 14650 respectively
14 - Lodged 30000 cash into bank account
16 - paid wages by cheques 9850
19 - Kun Co. and Lewis Co. return goods valuing 3000 and 1800 respectively
20 - Purchased fittings on credit from shelves Ltd. For 12000
22 - Goods were returned to MIG Co. Ltd. And O'Neil costing 2600 and 1450 respectively
24 - kun Co. Ltd. And Lewis Co. each paid 8000 cash on their accounts after receiving a discount of 10% of their balances
26 - paid wages by cheques 9700
28 - MIG Co. account was settled by a cheque, after the firm received a 15% discount on the amount owing
29 - Paid 8500 by cheque to O'Neil after receiving a 5% discount on the amount owing
30- paid by cheque, rent and rates of 24000 for August 20x8
31 - the owner took 9000 cash for her own personal use

(a) record all transaction for the month of July in the General Journal
(b) Prepare the ledger accounts and trial balance as on July 31, 20x8

I have prepared the T- Accounts, what should I do with the first balances that was given to me

[ROLCAM]

If you have Journalised all the details ,
The first Journal entry portrays the opening balances.
Now that you have the T-accounts prepared
Post all the general journals to the T- accounts.
Close each T-account and Prepare a Trial Balance.
It is a fairly lengthy exercise and no-one is going to do it for you.
Do what is required yourself and then submit it here for review.
The proof is the finalisation of the Trial Balance and that it actually balances.

[ROLCAM]

A post-script:-

Make sure you incorporate a CAPTAL ACCOUNT in your opening balances journal
Otherwise your trial balance will not balance.