1Viettel LTE 10:38 0 0 4% X Principles of Acct_Final Assignment Andrew Joel is a market trader, he opened a business named Joel Co. The company's Trial balance as at 1 December 20X8, appears below: $ Inventory 5,000 Equipment 3,700 Payables 500 Receivables 300 Cash at Bank 1.200 Capital Page 1|3 During December, Andrew Joel: 1. Transferred $300 of his savings into a business bank account 2. Received loan from D. Watson, $100 cheque, repayable in 5 years 3. Bought goods for resale on time, $320 from S.Holmes 4. Bought a motor van by cheque, $500 5. Goods returned to S.Holmes, $20 6. Sold goods to AB Lid valued $1,000, customer paid by cheque $400 7. A Joel took goods from inventory for his own use, cost $220 8. Sold motor van no longer required for $500 on credit to K.Lamb 9. Purchased goods from C.Swiff $500, less 10% trade discount, pays by cheque 10. Paid $120 to hire a van for December, using debit card 11. Paid staff wages for December, $210 cheque Requires: a. Calculating the balance of Capital account as at 1 December, 20X8. (10 points) b. Record all the transactions using double entries and ledger accounts (T-accounts). (30 points) c. Prepare a Trial Balance as at 31 December 20X8. (10 points) d. Assuming that Inventory on 31 December 20X8 is $5,130. Prepare an Income Statement for the period. (10 points) e. Prepare a Balance Sheet as at 31 December 20X8. (10 points)