Phayo is a trader. He maintains a full set of accounting records.
a. Complete the following table to name one source document from which Phayo will complete each book of prime entry.
Phayo sells good on credit to Phupho. On 1 May 20–7 Phupho owed Phayo $1,350.
They exchanged the following documents during May 20–7:
Invoice……………………. $1,500
Debit note ………………….. $120
Credit note ……………….. $100
Statement of account …….. $1,750
Cheque ……………………….. $1,350
b. For each document name the person who issued that document and suggest one reason for the issue of that document.
c. Prepare the account of Phupho as it would appear in the ledger of Phayo for the month of May 20–7. Balance the account and bring down the balance on 1 June 20–7.
d. Name the ledger in which Phayo would maintain the account of Phupho.
Enjoy 24/7 customer support for any queries or concerns you have.
Phone: +1 213 3772458
Email: support@gradeessays.com