On 1 March 2014, 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 $46000 and a commercial van $48 000, and deposited $10000 cash in a business bank account. Transactions during March were as follows (ignore GST):

March

4 4 6 7 8 11 12 13 14 15 16 17 18 21 23 24 25 28 31

Took a 3-year lease on a shop and paid first month’s rent $1200. Purchased haberdashery supplies for $4200, and paid with an electronic transfer of $1200 and paid for the rest with credit. Cash received for minor clothing repairs, $120. Revenue earned for tailor making a two piece suit for Andrea Fraser on credit, $840. 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.

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 2016.