1 At 1 September the financial position of Sara Young’s business was During September: 1 The three debtors settled their accounts by cheque subject to a cash discount of 4%. 2 A cheque for £100 was...

1

At 1 September the financial position of Sara Young’s business was

During September:

1

The three debtors settled their accounts by cheque subject to a cash discount of 4%.

2

A cheque for £100 was cashed for office use.

3

GH was paid by cheque less 7.5% cash discount.

4

IJ’s account was settled, subject to a discount of 5%, by cheque.

5

Wages of £130 were paid in cash.

Required:

(a) Open a three-column cash book and the accounts for the debtors and creditors at

1 September.

(b) Record the above transactions for September