Reference no: EM133434201

Required:

a) Perform all the relevant steps in the accounting cycle which will allow for you to prepare and present the business' journal entries, general ledger entries and trial balance with the information below

information

During the month of December 2022, the following transactions took place in a newly established sole trader business.
December 1 Rented building for $60,000 per month, paying cash to the landlord.
December 1 Commenced business with $500,000 in the bank, $200,000 cash, motor
vehicle valued at $1,500,000, and a computer valued at $200,000.
December 2 Purchased goods from L. Matheson on credit for $320,000.
December 3 Paid insurance for the motor vehicle using cash amounting to $50,306.
December 5 Sold goods to P. Jarrett for cash amounting to $200,000.
December 5 Returned goods to L. Matheson worth $8,500.
December 6 Sold goods on credit to L. Frazer worth $80,000.
December 9 Paid L. Matheson $200,000, using a cheque.
December 15 Purchased goods valued at $100,000 from S. Small using a cheque.
December 16 L. Frazer returned goods valued at $6,400.
December 21 Sold good to S. Jones for $93,00 cash.
December 22 Paid electricity bill amounting to $31,200 using a cheque.
December 22 Paid telephone bill amounting to $10,400 using a cheque.
December 23 Received $73,600 cash from L. Frazer.
December 23 The business owner withdraws cash valued at $30,000 to purchase
Christmas gifts for their children, as well as goods valued at $20,000 to give to their other family members.
December 31 Paid cash amounting to $9,304 for water bill.