Below is a list of transactions for July 20x6 for Painting Jobs Done Ltd in its first month of operations:

Required 

1 Record all transactions in the general journal.
2 Prepare a trial balance as at 31 July 20x6.
3 Prepare a profit and loss statement for the month.
4 Prepare a balance sheet as at 31 July 20x6.

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20x6 July 1 Elton John invested $10,000 cash to start Painting Jobs Done Ltd. He also borrowed $5,000 from his bank as an interest-only loan for three years. 3 He rented a shop and paid $440 rent for the first month. 5 Purchased painting equipment for $2,800 cash and bought supplies on credit for $1,120. 6 Purchased a second-hand station wagon as a work vehicle for $5,500 cash. 8 Paid $550 in advance for newspaper advertising. 10 Billed clients $2,400 for completed work. 13 Billed clients for $900. 15 Paid $250 for telephone installation. 17 Received $500 from a client billed on 10 July. 20 Received $750 for a job completed today. 23 Paid wages of $1,180. 25 Paid creditors $720. 28 Withdrew $1,100 for his own use. 31 Found that $750 worth of supplies were still on hand.