Miss Samphire has started a business as a jeweller. Her transactions for the first ten days of trading are as follows:

Required Write up these transactions in T-accounts, extract the balances and produce a trial balance.

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Day Transaction 1 300,000 is paid into the business bank account. 2 Miss Samphire spends 250,000 buying a retail shop. Miss Samphire buys inventory of 40,000 on credit. 3 4 5 9 7 8 9 10 Miss Samphire spends 20,000 on fittings for her shop. A watch is sold for 500. The sale proceeds are paid into the bank account. 2,000 is paid to the payables of the business (the people and businesses to whom money is owed). A ring is sold on credit for 1,500. Miss Samphire writes herself a cheque for 5,000. Miss Samphire borrows 100,000 from the bank for the business. A cheque for 7,000 is paid to the creditors.