Problem 3.16 Preparing general ledger and trial balance GST version On 1 July 2021 Tanya Arthur opened a hairdressing salon. The following transactions occurred during the first month of operations : July 2 Arthur invested $120 000 in the business by depositing cash into a business cheque account with the Eastpac Bank . 2 Paid $1800 for the first month's rent plus GST. Purchased equipment for $70 000 by an online bank transfer for $32 000 and signing a commercial loan agreement for $45 000. Purchased supplies for $8400, plus GST. 6 Paid advertising expense of $1230, plus GST. 16 Recorded services revenue for the rst half of the month of $3575 in cash and $682 on credit . 20 Paid insurance expense for July of $480, plus GST, using an online bank transfer. 23 Received a $220 payment from customers who paid on credit in the rst half of the month . 28 Arthur withdrew $560 cash for personal living expenses. 31 Recorded revenue for the second half of the month of $4048 in cash and $638 on credit . 31 Paid telephone account of $440, including GST, by electronic transfer. Use the following account titles and numbers : Cash at Bank , 100; Accounts Receivable , 101; Supplies , 102 ; Equipment , 103 ; GST Receivable , 104; Loan Payable , 200 ; GST Payable , 201 ; Tanya Arthur, Capital, 300; Tanya Arthur, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. Required (a) Prepare the general journal entries to record the transactions. (b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (c) Prepare a trial balance as at 31 July 2021