On 1 July 2024 Tanya Arthur opened a hairdressing salon. The following transactions occurred during the first month of operations (ignore GST).

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Tanya Arthur, Capital, 300; Tanya Arthur, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

Required

(a) Prepare the general journal entries to record the transactions.

(b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal.

(c) Prepare a trial balance as at 31 July 2024.

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July 2 Arthur invested $120 000 in the business by depositing cash into a business account with the Eastpac Bank. 2 Paid $1800 for the first month's rent with a bank transfer. 3 Purchased equipment by an online bank transfer for $32 000 and signed a commercial loan agreement for $38 000. 4 Purchased supplies for $8400 via electronic transfer. 6 16 Paid advertising expense of $1230 using online bank transfer. Recorded services revenue for the first half of the month of $3250 in direct debits and $620 on credit. 20 Paid insurance expense for July of $480 using an online bank transfer. 23 Received a $140 payment from customers who paid on credit in the first half of the month. Arthur withdrew $560 cash for personal living expenses. 28 31 31 Recorded revenue for the second half of the month of $3680 in direct debits and $580 on credit. Paid telephone account of $260 by electronic transfer.