MacPherson started business as a sole trader on 1 July 20X0. He immediately paid £60,000 from his…

 
   

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MacPherson started business as a sole trader on 1 July 20X0. He immediately paid £60,000 from his private bank account into a new business bank account. Further transactions during July were as follows.

 

 

£

1 July

Purchased furniture on credit from MacDuff for

16,000

4 July

Bought goods for resale on credit from Harris for

10,000

7 July

Sold goods on credit to McDougall, which cost £2,500, for

3,500

10 July

Paid sundry expenses

1,200

20 July

Sold goods for cash, which cost £2,000, for

3,600

28 July

Received payment from McDougall

3,500

30 July

Paid wages to staff

1,800

Analyze the above transactions in terms of the required debit and credit entries.