Tracey Bolton commenced business as a sole trader in August 2022. Tracey provides tennis training advice to clients wishing to improve their stroke and on-court performance. She employs some assistants. From the following transactions for the first month of operation you are required to prepare general journal entries; post to the general ledger and prepare a trial balance as at 31 August 2022.

1 August: Tracey contributed $40 000 cash to the business bank account to start the business.

5 August: Paid $740 for business registration fees.

6 August: Paid $6600 ($6000 + $600 GST) for furniture.

7 August: Bought $35 200 ($32 000 + $3200 GST) of tennis training machines from Sports Ltd – half in cash and half on credit to pay next month.

7 August: Bought $3300 ($3000 + $300 GST) of office supplies on account from Office World.

9 August: Received $4180 ($3800 + $380) cash for a group two-day tennis training session.

12 August: Prepared a tax invoice for Keith Rose for tennis coaching services $9350 ($8500 + $850 GST).

14 August: Tracey contributed a further sum of $6400 to the business.

15 August: Invoiced Tennis Australia $7480 ($6800 + $680 GST) for conducting a specialised training day.

17 August: Received full payment from Keith Rose for the transaction recorded on 12 August.

20 August: Paid $1000 of the accounts payable owed to Office World.

25 August: Tracey withdrew $14 000 to pay her son’s college fees.

29 August: Paid $3300 ($3000 + $300 GST) using the bank account debit card to transfer funds for the August rent.

30 August: The business acquired a $24 000 12-month bank loan at 10% p.a. interest.

31 August: Tracey paid wages of $7000 to her assistants.