1. Ms. Labiba started her business (Labiba Car Repairing Shop) on December 1, 2020. During the first month of its operations, the business engaged in the following transactions: Date Transactions Dec 1 Dec 2 Invested cash $100,000 as initial capital to start the business. An amount of $36,000 was paid as advance rent for three months. Dec 3 Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was recognized as note payable. Dec 4 Purchased office supplies costing $17,600 on account. Dec 13 Provided services to its customers and received $28,500 in cash. Dec 13 Paid the accounts payable on the office supplies purchased on January 4. Dec 14 Paid wages to its employees for the month of January, aggregating $19,100. Dec 18 Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining amount in the next month. Dec 23 Received $15,300 from customers for the services provided on January 19. Dec 25 Received $4,000 as an advance payment from customers. Dec 26 Purchased office supplies costing $5,200 on account. Dec 28 Paid water bill of $19,000 for January Dec 31 Paid $5,000 advertising expense. Dec 31 Received electricity bill of $2,470 for January. Dec 31 Received telephone bill of $1,494 for January. Dec 31 Miscellaneous expenses paid during the month totaled $3,470.

c) Prepare a Trial Balance for Dec 31, 2020. (10)