Neco 2021 Financial Accounting Question 3

A small trading business, XYZ Traders, operates on a cash basis and maintains the following books of original entry: a General Journal, a Purchases Journal, a Sales Journal and a Cash Receipts Journal. During the month of March, the following transactions were recorded in the General Journal: 1. 01/03 – Purchased goods on credit from Supplier A for ₦150,000. 2. 05/03 – Paid cash ₦45,000 to Supplier A for the above purchase. 3. 12/03 – Sold goods on credit to Customer B for ₦200,000. 4. 15/03 – Received cash ₦80,000 from Customer B as part of the above sale. 5. 20/03 – Purchased goods on credit from Supplier C for ₦120,000. 6. 25/03 – Paid cash ₦60,000 to Supplier C. 7. 28/03 – Paid rent cash ₦30,000. Using the information above, answer the following questions: