Write out business transactions for the business of your choice using your own figures in dollars. Record the journal entries in Excel using the doubleentry principle. Arrange the business transactions in a logical sequential manner by clearly indicating the date of each transaction. Balance the journals extract the trial balance, and use your balanced trial to prepare a profit and loss account.

Initial capital for cash one transaction

Purchase of noncurrent assets for cash and on credit two transactions: one cash and one credit

Purchase of inventories goods for resale for cash and on credit five transactions: three cash and two on credit

Sale of inventories for cash and on credit five transactions: three cash and two credit

Payment of expenses five transactions

Receipt from a customer relating to one sale of inventories on credit one transaction

Full payment to a supplier relating to one purchase of inventories on credit one transaction

Note: Ensure your trial balance can balance.