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12.2A Show the journal entries necessary to record the following items: 2020 A...

Oct 5, 2024

To record the transactions you've provided, we need to make journal entries for each event. Here’s how you can record them: 1. April 1: Bought office furniture on credit from Durham Brothers Ltd for £1,400. - Debit Office Furniture £1,400 - Credit Accounts Payable (Durham Brothers Ltd) £1,400 2. April 4: Took goods costing £270 out of the business inventory without paying for them. - Debit Drawings (or Inventory Withdrawals) £270 - Credit Inventory £270 3. April 9: Returned £90 of the goods taken on April 4 back into inventory. - Debit Inventory £90 - Credit Drawings (or Inventory Withdrawals) £90 4. April 12: M. Sharp owes us £460, and we agree to take display cabinets instead of cash. - Debit Display Cabinets £460 - Credit Accounts Receivable (M. Sharp) £460 5. April 18: Returned office furniture worth £36 to Durham Brothers Ltd for a full allowance. - Debit Accounts Payable (Durham Brothers Ltd) £36 - Credit Office Furniture £36 6. April 24: Wrote off a debt owing to us by T. Lyle of £80 as a bad debt. - Debit Bad Debt Expense £80 - Credit Accounts Receivable (T. Lyle) £80 7. April 30: Bought computers on credit from OTF Ltd for £2,300. - Debit Computers £2,300 - Credit Accounts Payable (OTF Ltd) £2,300 These entries will help you keep track of your transactions accurately. If you have any questions about these entries or need further clarification, feel free to ask!