Cleaner Pools Ltd is a small pool shop situated in Oatley in the southern suburbs of Sydney. The business sells and repairs pool filters as well as providing consulting services on pool layouts. At 30 June 2019 it had the following assets, liabilities and shareholders’ equity account balances: cash $3000; accounts receivable $4000; inventory $4500; creditors $3500; retained profits $2000; and share capital $6000. The company’s chart of accounts is shown. 

The following transactions occurred during July 2019: 

1. Show the relevant journal entries. 

2. Post to the ledger. 

3. Extract a trial balance at 31 July 2019. 

4. Prepare an income statement for the month of July 2019 and a balance sheet as at 31 July 2019.

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01 02 03 04 11 12 20 22 30 31 40 41 42 50 51 52 53 54 55 56 5 57 Cash Accounts receivable Inventory Prepayments Furniture and fittings Accumulated depreciation - furniture and fittings Accounts payable Accrued expenses Share capital Retained profits Sales Consulting revenue Repairs revenue COGS Salaries Rent Motor vehicle expenses Stationery Depreciation - furniture and fittings Advertising Photocopier rental expenses