The name of my business is Fashion Flashout, It is located in the heart of Montego Bay, St.James. It is a sole trader and has 1 manager and three sales representative along with one security.
The business was started of the 1st of November 2011 it started with a capital of $120,000 which was invested into business by owner, Chenson Bennett. Days of operation runs from Monday-Saturday during the hours of 9:00am to 6:00pm. The reason Fashion Flashout came into being is because people will always want to be in style and since there is a great demand it needs to be filled and that is the mission of Fashion Flashout—to provide customers with the latest trend at the lowest prices and with the best deals without sacrificing the profit margin. The motto of Fashion Flashout is, “In style forever.”
(2011)| Particulars| Folio| Debit| Credit|
Nov 1| Dr .CashCr. CapitalEntries to record capital invested in cash.| | $120,000| $120,000| Nov 2| Dr .RentCr .CashEntries to record cash paid for rented premises.| | $15,000| $15,000| Nov 2| Dr. FixturesCr. CashEntries to record fixtures purchased by cash| | $20,000| $20,000| Nov 3 | Dr. Office EquipmentCr. CashEntries to record office equipment purchased by cash.| | $5,000| $5,000| Nov 3 | Dr. Computer DepotCr. ComputerEntries to record computer credited from Computer Depot.| | $20,000| $20,000| Nov 4| Dr. PurchasesCr. CashEntries to cash purchases.| | $71,400| $71,400| Nov 4| Dr. PurchasesCr .CashEntries to record cash purchases.| | $72,600| $72,600| Nov 5| Dr. PurchasesCr. Custom Jeans LtdEntries to record Custom Jeans Ltd purchases.| | $148,800| $148,800| Nov 7| Dr. CashCr. SalesEntries to record cash sales.| | $10,950| $10,950| Nov 7| Dr. Fashion HouseCr. SalesEntries to record credit sales to Fashion House.| | $21,900| $21,900| Nov 9| Dr. BankCr. CashEntries to record cash banked.| | $25,000| $25,000| Nov 10| Dr. BankCr. SalesEntries to record sales paid in bank.| | $16,800| $16,800| Nov 11| Dr. SalesCr. SalesEntries to record cash sales | | $27,825| $27,825| Nov 11| Dr. CashCr. SalesEntries to record cash sales.| | $42,900| $42,900| Nov 12| Dr. Telephone billCr. BankEntries to record payment of telephone bill by bank.| | $1,200| $1,200| Nov 12| Dr. Return InCr. Fashion House Entries to record returns in by Fashion House| | 675| $675| Nov 14| Dr. C. Thomas Cr. SalesEntries to record credit sales by C. Thomas| | $46,200| $46,200| Nov 15| Dr. Custom Jeans LtdCr. Returns OutwardsEntries to record goods returned to Custom Jeans Ltd.| | $2,400| $2,400| Nov 15| Dr. Display MannequinsCr. CapitalEntries to record ****************| | $2,400| $2,400| Nov 16| Dr. BankCr. SalesEntries to goods sold to D. Williams and received a cheque.| | $29,100| $29,100| Nov 16| Dr. D. WilliamsCr. Carriage OutwardsEntries to record payment on carriage outwards to D. Williams| | $150| $150| Nov 16| Dr. WagesCr. CashEntries to record wages paid by cash.| | $2,000| $2,000| Nov 17| Dr. BankCr. SalesEntries to record cheque received on goods sold.| | $44,400| $44,400| Nov 18| Dr. CashCr. SalesEntries to record cash sales.| | $62,400| $62,400| Nov 19| Dr. PurchasesCr. A-AdidasEntries to record credit purchases from A-Adidas| | $79,920| $79,920| Nov. 20| Dr. BankCr. SalesEntries to record cheque for sales.| | $73,200| $73,200| Nov 21| Dr. A. ScarletteCr. SalesEntries record credit sales to A. Scarlette| | $46,600| $46,600| Nov 22| Dr. A-didasCr. BankEntries to record | | $648| $648| Nov 23| Dr. BankCr. C. ThomasEntries to record part payment received by cheque from C. Thomas| | $2,300| $2,300| Nov 24| Dr. BankCr. SalesEntries to record cheque received from N. Taylor for sales.| | $53,100| $53,100| Nov 25| Dr. BankCr. SalesEntries to record cheque received for sales.| | $53,400| $53,400|...