14 bank account 16 17 Question 3 Lilian Trading commenced business as a retailer of catering products on 1 October 2020. The following are her transactions for the first month's operations 1 Oct Lilian commenced business with the following assets and liabilities: Receivables, $5,000; cash at bank, S150,000, office equipment, $60,000; hire purchase loan on motor vehicles, S80,000; loan from North Bank, $30,000 Lilian paid $15.000 off the business mortgage loan via EFT from her personal Cash sales. $2,420 inc GST (POS). Cash purchases from Rossa Supplier, S4,070 inc GST (cheque 001). Lilian withdrew stock costing $550 inc GST (memo !). 24 Paid wages, $800 (EFT). 26 Receivable. F Farrer paid his account of $600, deducting discount of 833 (inc GST) for prompt payment (receipt 401). 29 Paid payable, Power Electrical Supplier $3.900. Discount received was $110 inc GST (cheque 002) Lilian introduced her own motor vehicle valued at $6,000 into the business (memo 2). Received commission from Top Electrics, S220 inc GST (EFT). Cash refund, S1.210 inc GST paid to S Thomas for goods previously sold for cash (cheque 004). 18 30 You are required to: Record the above transactions into the following journals (b) Cash Receipts Journal (CRJ) (c) Cash Payments Journal (CPJ) (Total: 15 marks)