Reference no: EM132564425

Jennie has started as a sole trader on 1 March 2020. The following transactions and events of trading for her first month are as follows:

Date                                       Transaction

1 She starts the business by depositing a cheque for $160,000 into the business bank account.

2 She purchases machinery worth $44,000 by cheque.

8 She purchases inventory on credit for $92,000.

10 She sells good for $20,000 in cash.

12 She pays $60,000 to the supplier of the goods purchased on 8th March. This is the part of payment of the total amount due .

15 She sells goods on credit for $34,000.

24 She writes a cheque to withdraw $6,000 from the business.

25 She receives a business loan of $200,000.

Required:

Question 1- Post the transactions directly to the appropriate nominal ledger accounts.

Quesion 2- Prepare the trial balance as at March 31, 2020