4.4 LO2–5 On 30 November Martin Webb extracted the following trial balance from his ledger.

Debit Credit Capital 23,000 Drawings 20,000 Receivables 16,000 Payables 14,000 Inventory (1 January) 12,000 Business expenses 7,500 Rent, rates and insurance 15,000 Sales 250,000 Purchases 180,00 Cash 26,500 Fixtures 10,000 287,000 287,000 Open accounts for each of the above items and insert the balance as at 30 November.

During December, the following business was transacted:

Sold goods on credit 20,000 Purchased goods on credit 20,000 Receipts from debtors (receivables) 15,000 Payments to creditors (payables) 12,000 Business expenses paid 1,000 Insurance paid 1,500 Drawings 2,000