You are to open the books of F. Polk, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May 2024. A trial balance is to be extracted as on 31 May 2024.

2024 May 1 Assets: Premises £34,000; Van £5,125; Fixtures £810; Inventory £6,390; Trade receivables: P. Mullen £140, F. Lane £310; Cash at bank £6,240; Cash in hand £560.

Liabilities: Trade payables: S. Hood £215, J Brown £640.

1 Paid storage costs by cheque £40.

2 Goods bought on credit from: S. Hood £145; D. Main £206; W. Tone £96; R. Foot £66.

3 Goods sold on credit to: J. Wilson £112; T. Cole £164; F. Syme £208; J. Allen £91;

P. White £242; F. Lane £90.

4 Paid for motor expenses in cash £60.

7 Cash drawings by proprietor £150.

9 Goods sold on credit to: T. Cole £68; J. Fox £131.

11 Goods returned to Polk by: J. Wilson £32; F. Syme £48.

14 Bought another van on credit from Abel Motors Ltd £4,850.

16 The following paid Polk their accounts by bank transfer less 5% prompt payment discount: P. Mullen; F. Lane; J. Wilson; F. Syme.

19 Goods returned by Polk to R. Foot £6.

22 Goods bought on credit from: L. Mole £183; W. Wright £191.

24 The following accounts were settled by Polk by cheque less 5% prompt payment discount: S. Hood; J. Brown; R. Foot.

27 Salaries paid by bank transfer £740.

30 Paid business rates by cheque £140.

31 Paid Abel Motors Ltd a cheque for £4,850.