Reference no: EM132996992

Question - During the month of May, the following transactions occured:

As of May 1, 2011, Khula received a grant of R450 000 from national government

May 1 Paid rent for 3 months, R42 400.00.

May 2 Purchased office supplies for cash, R3169.00.

May 3 Purchased office equipment for R79 780.00 by signing a promissory note for a complete amount.

May 4 Paid salaries, 250 000.

May 5 Purchased office supplies on credit from Waltons co. R4 980.

May 6 Interest earned and received from investment , R8 500.

May 6 Earned rentals from Musa and co. R18,000.

May 8 Paid vehicle expenses, R38.000.

May 9 Purchased insurance policy, R24.000.

May 10 Paid to Waltons co...R2,900.

May 31 Received R9.000 from Musa and co.

Required -

Record the above transactions using General Journal and post to the General Ledger accounts.

Can you explain how a Trial Balance relates to this exercise and what is a Trial Balance in short?