Ledger Entries Illustration Two - Jones David Retail Business Transactions

Overview of Jones David's Retail Business Ledger Entries

Jones David started her retail business with a capital of N50,000 on July 1, 2020. Throughout the month of July, she engaged in various transactions including purchasing goods, selling on credit, receiving payments, and making expenses.

Bank Account Ledger Entries

Here are the key ledger entries in the Bank Account:

• July 1: Debit Capital, Jones David N50,000
• July 1: Debit Office furniture and equipment N18,000
• July 2: Debit Inventory N12,750

Cash Account Ledger Entries

Similarly, the Cash Account ledger entries include:

• July 4: Debit Bank N5,000
• July 5: Debit Stationery N776
• July 6: Debit Sales Revenue N2,334

These ledger entries provide a comprehensive view of the financial activities of Jones David's retail business for the month of July 2020.