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Answer: 11. Journal Entries:For the month ended 31 July 20141-Jul Admin ExpensesCash(Payment of office rent)2-Jul Account PayableCash(Payment for account payable)3-Jul CashAccounts Receiveable(Recipt of account receiveable)4-Jul Outstanding LoanCash(Outstanding Loan paid)5-Jul Selling ExpencesCash(Payment of advertising Expences)6-Jul Admin ExpensesCash(Payment of Wages)7-Jul Admin ExpencesCash(Purchase of new Photo Copier)8-Jul Inventory A/cAccount Payable(Inventory purchased on credit)9-Jul Personal ExpencesCash(Payment for personal credit card10-Jul Account ReceivableRevenue a/c(Credit Sales recorded)11-Jul CashRevenue A/c(Cash Sales recorded)14-Jul Admin ExpenseCash(gas invoice received)15-Jul Selling ExpensesCash(Sales Commission paid)18-Jul Inventory A/cCash A/c(Purchase Inventory)20-Jul Admin ExpensesCash A/c(Purchase Office photocopier)23-Jul DrawingsCash A/c(Drawings made)31-Jul Cash A/cRevenue A/c(Cash Sales)2. Income StatementFor the period ended 31 July 2014Revenue (credit sales)Less: Cost of Sales:Opening InventoryPuchases (credit)Less closing Inventory-4500no4500-8400GROSS PROFIT/LOSSLess Expenses:Admin ExpensesSelling Expenses(1500+2900+8500+650+7500)(1800+1800)NET PROFIT/LOSS3. Balance SheetAs at 31 July 2014AssetsCashAccounts ReceivableInventoryTotal Current Assets(120000-1500-20000+25000-15000-1800-2900-8500-1500+2200-650-1800-840(47000-25000+4500)(4500-2500-1100+8400 ...


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