Nbridge IGCSE and 7 Melissa's financial year ends on 30 November.
On 30 November 20-5 Melissa's ledger accounts included the following:
$
Sales for the year
74 300
Rates, including a prepayment of $40
1080
Inventory 1 December 20-4
4650
On 30 November 20-5:
1 Melissa discovered that no entry had been made to record the purchase of equipment,
$5200, on credit from SQ Limited.
2 $56 owing by Roddy, a credit customer, should be written off as irrecoverable.
3 Inventory was valued at $5110.
4 Equipment should be depreciated by $790.
Prepare journal entries to record the above transactions, including transfers to the income
statement. Narratives are required.
8 Sabeena is a trader. Her financial year ends on 31 January.