From the transactions of K Knight shown below, enter the appropriate journal abbreviation next to each transaction.

Enter the transactions (periodic inventory applies) for July into the appropriate journals, and post to the general ledger and the subsidiary ledgers. Balance the accounts and extract a trial balance and subsidiary account listings at the end of July.

Transactions for July 2022 were as follows:

_______ 1 K Knight commenced business with bank $65 000, loan from New England Bank $30 000.

_______ 4 K Knight acquired the ongoing business of A Johnson & Co for $58 000 and obtained the following: premises

$22 000, motor vehicle $12 000, accounts receivable M Druitt $2013, P Enrith $1496, S Marys $1991 and inventory $4500.

_______ 6 Received $1452 from P Enrith in full settlement of account.

_______ 6 Purchased goods on credit from L Riverstone $1485 ($1350 + $135 GST).

_______10 Sold goods to G Brook $2981 ($2710 + $271 GST).

_______10 Cash sale of $1793 ($1630 + $163 GST) to M Victoria.

_______10 Remitted wages $2500.

_______12 M Druitt paid outstanding account $2013.

_______13 Purchased stationery for $715 ($650 + $65 GST) from Lawson Stationery.

_______18 Sent tax invoice to M Piddington $2915 ($2650 + $265 GST).

_______20 Received tax invoice from Kanangra Boyd for advertising $1881 ($1710 + $171 GST).

_______24 Remitted wages $2500.

_______24 Purchased stock on credit from V Heights $946 ($860 + $86 GST).

_______25 Sold stock to L McMahons $3388 ($3080 + $308 GST) who had remitted funds direct.

_______25 Received tax invoice from Lawson Stationery for stationery $1441 ($1310 + $131 GST).

_______28 Received rent from tenant B Mountain $836 ($760 + $76 GST).

_______28 Received $594 as part payment of account from S Marys.

Now enter the transactions for August into the appropriate journals, post the journals to the general and subsidiary ledgers, balance the accounts, and prepare the trial balance and subsidiary ledger listings.

Transactions for August 2022 were as follows:

_______ 2 Received direct deposit from G Brook $2904 in full settlement of account.

_______ 2 M Piddington took $77 as discount and paid the balance of account.

_______ 4 Processed electronic transfer to L Riverstone for $1441 in full settlement of their account.

_______ 6 Received $397 cheque as further payment of account from S Marys.

_______ 7 Remitted wages $2600.

_______ 7 Paid Lawson Stationery $2156 on account.

_______ 7 Paid Telstra for telephone connection $704 ($640 + $64 GST).

_______10 Bank advised that cheque deposited on 6th had been dishonoured.

_______11 Received adjustment credit note for $33 ($30 + $3 GST) from V Heights for inventory overcharge.

_______13 Sent tax invoice to G Brook $3982 ($3620 + $362 GST).

_______14 Paid V Heights amount owing after allowing for the adjustment credit note on 11th of this month.

_______15 Sold goods $2827 ($2570 + $257 GST) to Warrimoo Dairy, funds received electronically.
_______15 Received commission $1936 ($1760 + $176 GST) from P Anthers & Co.
_______18 Purchased stock on credit from V Heights $242 ($220 + $22 GST).
_______20 Paid for telephone usage $1793 ($1630 + $163 GST) to Telstra by electronic transfer.
_______21 Remitted wages $2500.
_______24 Received tax invoice for $418 ($380 + $38 GST) from V Heights.
_______28 Received rent $836 ($760 + $76 GST) from B Mountain.
_______31 Paid A Johnson & Co for business purchased on 4 July.
_______31 Wrote off S Marys as a bad debt.