1. Recording transactions by journal entries I Carmen opens a tabaquería in Seville in September….

  1. Recording transactions by journal entries I Carmen opens a tabaquería in Seville in September. She records her initial investment of 10,000 in the business as follows:     She asks your help in setting up additional accounts and recording the following transactions in September:   2 The bank lends the company 7,500 at 8% annual interest.   3 The tabaquería pays 4,800 in advance to the owner of the property for a six-month lease of the shop space.   4 It buys 12,000 of merchandise, 4,000 for cash, the rest on account.   5 1,000 of the goods purchased on account are received spoilt and have to be discarded. The supplier issues the company a credit note for this amount. (Remember: from the supplier’s point of view, Carmen’s tabaquería is a debtor.)   6 The tabaquería sells merchandise costing 9,000 at an average mark-up on cost of two-thirds (66.67%), all for cash.   7 It pays 6,000 of the amount owing to suppliers.   8 Friends and well-wishers provide free advertising services (e.g. printing and distributing of leaflets) which Carmen reckons would have cost the company 500.   9 Her one assistant has earned one month’s salary of 1,500. Only two-thirds of this is paid by the end of September.   10 One month’s interest on the bank loan is paid.   Required   (a) Set up the accounts Carmen’s tabaquería must establish, based on the transactions listed above.   (b) Prepare the journal entries to record the transactions in September.   (c) Post the entries to the accounts.  

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