1 Jan 2 Jan 3 Jan 6 Jan Question 1 (45 marks) Alex Tam commenced a retail stationery store business on 1 January 20X1. The following transactions occurred in the month of January 20X1: Alex Tam, the sole proprietor, invested cash of $600,000 and office equipment of $100,000 into the new business. Alex paid rent of $18,000 for the store in cash. Purchased furniture amounting to $200,000 for business, of which $150,000 was paid in cash and the remaining amounted to be paid to IDEA Furniture Limited ("IDEA) on 28 February 20x1. Purchased goods for sale amounting to $73,500. Amount is payable to 3N Limited within 30 days. 9 Jan Sales amounting to $33,750 in cash. 10 Jan Sales of $66,280 on 30-days credit to Kowloon Primary School. 15 Jan Alex purchased a delivery van for $35,000 in cash. 20 Jan Purchase goods for sales amounting to $38,400 in cash. 23 Jan Sales amounting to $45.280 in cash. 28 Jan Received full payment from Kowloon Primary school. 31 Jan Alex settled the amount payable to IDEA in full by cash. 31 Jan Alex withdrew $15,000 for his own use. 31 Jan Alex paid salaries of $23,500 to staff in cash. Required: a Prepare journal entries to record the above transactions. Explanations are not required. (26 marks) b Open the following T-accounts: Cash, Office equipment; Office furniture; Motor van; Purchase; Accounts receivable; Accounts payable: Capital; Withdrawals; Sales; Rent, Salaries. Post the journal entries from requirement (a) to their relevant T-accounts. You are required to show the ending balance of each T-account (14 marks) c Prepare a trial balance as at 31 January 20X1