Post Utme Wellspring University 2019 Accounting Question 6

A company uses the single entry system of accounting. The following transactions were recorded in the journal during the year: 1. Cash received from customers, ₦150,000 2. Cash paid to suppliers, ₦80,000 3. Cash received from the sale of assets, ₦20,000 4. Cash paid for rent, ₦30,000 5. Cash paid for salaries, ₦40,000 6. Cash received from the sale of goods, ₦120,000 7. Cash paid for interest, ₦10,000 8. Cash received from the sale of services, ₦50,000 9. Cash paid for taxes, ₦20,000 10. Cash received from the sale of investments, ₦30,000 Prepare the ledger accounts for the following: a) Cash b) Suppliers Show your workings and calculations.