QUESTION THREE
Record the transactions in the books of Kwasi Asante the month of January, 2021 and extract a trial balance.
Jan. 1
Started business with 10 million cash and 20 million in his bank account
Jan. 5
Bought goods for resale, 15 million from Osafo
Jan. 15
Cash sales of 20 million. Sold goods and received cheque of 5 million
Jan. 17
Sold goods to Yeboah, 5 million
Jan. 18
Purchases from Appiah 20 millon
Jan. 20
Sales to Ofosua, 30 million
Jan. 25
Paid Osafo with a cheque, less 2 % cash discount. Yeboah settled his account
With cash less 2 % cash discount
Jan. 26
Paid Appiah with cash less 5% cash discount
Jan. 27
Ofosua settled her account with a cheque less 5% cash discount.
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