Construct the double-entry accounts for the following transactions of a sole trader and balance off each account at the end of the month:
| 1-Jul Don't use plagiarized sources. Get Your Custom Essay on construct the double entry accounts for the following transactions of a sole trader 611242 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page | Started own business by placing £3,000 into the bank account and immediately transferred £400 into the cash box. |
| 3-Jul | Bought inventory on credit from K Atkinson for £231. |
| 7-Jul | Paid insurance by cheque £500. |
| 10-Jul | Bought inventory for £87, paying by cash. |
| 16-Jul | Sold inventory on credit to H Taylor for £450. |
| 19-Jul | Taylor returns £80 of the inventory. |
| 27-Jul | Paid sundry expenses £120 by cash. |
| 31-Jul | Taylor pays his account in full by cheque. |
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