On 1 March 2017, James Taylor decided to open Taylor’s Tailormade that makes suits, trousers and jackets, and repairs and alters clothes. He contributed for this purpose sewing equipment $46 000 and a commercial van $48 000, and deposited $10 000 cash in a business bank account.

Transactions during March were as follows (ignore GST).

Required

(a) Prepare three‐column running balance ledger accounts. Give each account a suitable account number.

(b) Prepare a trial balance as at 31 March 2019.

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March 4 4 Took a 3-year lease on a shop and paid first month's rent of $1200. Purchased haberdashery supplies for $4200; paid with an electronic transfer of $1200 and paid for the rest with credit. Revenue earned for tailor making a two-piece suit for Andrea Fraser on credit, $840. 6 Cash received for minor clothing repairs, $120. 7 8 11 12 13 14 15 16 17 18 21 23 24 25 28 31 Purchased a sewing machine, $3800, paying $800 cash and taking out a loan for the balance. Cash revenue earned, $1260. Engaged a sewer at an agreed wage of $1100 per week. Paid petrol $120, postage $20, and electricity bill $760. Cash of $200 received for over-the-counter repairs. Revenue of $1500 earned from a customer on credit. Paid for haberdashery supplies purchased on credit on 4 March. Withdrew $600 for own use. Cash revenue received, $380. Haberdashery supplies purchased for $500 on credit. Paid wages to employee. Revenue earned for making clothes: cash $240; on account $1200. Andrea Fraser paid the bill for services rendered on 6 March. Petrol expenses paid, $80. Paid weekly wages to employee. Revenue earned for clothes $2420, receiving $200 in cash and the remainder on credit. Haberdashery supplies used, $620.