2020 JYSS 3E POA EOY P2 Q4
4 Fun Mart is in the business of selling tables and chairs, A 10% trade discount is given on all sales to Jason. The following balances are provided on 1 April 2020.
The following transactions took place:
Bought chairs costing $4 500 and paid by cheque.
Sold tables costing $500 to Jason on credit, at a list price of $1 200.
Jason returned damaged tables that were sold on April 6 with a list price of $600.
Received $7 100 by cheque from Jason in full settlement of the amount owed on this date.
Paid by cheque, $900, to a credit supplier, Nimmi.
The cheque received on April 22 was dishonoured.
Prepare the following:
a. Cash at bank account
b. Jason’s account
c. Discount allowed account