a)write up the accounts to record the following transactions for A chiu and then balance off all the accounts at the end
of May 2006:
2006
May 1 started business with $12,000 cash and a van worth $6,000.
3 Bought machinery for$16,000 on credit from Ultra Machines.
6 Received a $50,000 bank loan, which was deposited into the business bank account.
8 Bought a computer for $25,000 on credit from Global LTd.
15 Paid Ultra Machiness $10,000 by cheque.
17 Bought office furniture for $4,000 in cash.
19 Paid Global Ltd $10,000 by cheque.
20 Paid Ultra Machines $6,000 in cash.
23 Returned machinery costing $700 to Ultra Machines, which agreed to give a refund within a month.
25 Took $5,000 out of the bank and put it in the cash box of the business.
27 Sold the van for $6,000 in cash.
30 Paid Global Ltd $15,000 by cheque.
b)State which accounts have a debit balance, credit balance or zero balance as at 31 May 2006