Question 1

Lee Ann opens a music store. During the month of July 2020, he completed the following transactions.

Jul 1 Deposit cash from his personal account to business account, $10,000.

Jul 3 Purchase supplies on account, $2,000.

Jul 5 Received cash from clients, $8,300.

Jul 7 Paid rent for store, $3,400.

Jul 9 Purchase computer equipments on account $1,200.

Jul 11 Paid cash for store and equipment annual insurance, $600.

Jul 13 Paid cash to supplies on account, $1,800.

Jul 20. Received cash from client for music albums delivered, $340.

Jul 21. Purchased a delivery van for $22,000, paying $3,000 in cash and

giving a note payable for the remainder.

Jul 27. Paid salary for staff, $2,200.

Jul 30. Paid cash for miscellaneous expenses, $520

a)Show the above transactions directly in the following T accounts;

b) Close the accounts and prepare the Trial Balance as at 31 July 2020.