Post Utme Lautech 2018 Accounting Question 20

A company uses the single entry system to record its transactions. The following transactions were recorded in the year ended December 31, 2018: (i) Cash received from customers, ₦1,500,000; (ii) Cash paid to suppliers, ₦800,000; (iii) Cash paid to employees, ₦300,000; (iv) Cash received from the sale of assets, ₦200,000; (v) Cash paid for rent, ₦100,000; (vi) Cash received from the sale of goods, ₦1,200,000; (vii) Cash paid to the bank, ₦500,000; (viii) Cash received from the bank, ₦600,000. Prepare the bank overdraft account for the year ended December 31, 2018.