33 1. Mr. Musfiq is a Chartered Accountant (CA). He started a new consultancy firm on July 1, 2021. During the first month of operations the following transactions occurred: July, 1; He invested $ 5,50,000 cash in the firm to start the firm. 10; Paid $ 15,000 cash for 3 years insurance policy starting from the current month. 15; Purchased furniture for $ 50,000 paying $ 35,000 in cash and for remaining he signed on a 1-month, 12% Notes Payable. 17; Paid $ 7,000 for office rent. 21; Performed service for a client and received cash of $ 45,000. 26; Performed service for a client but yet to receive $ 15,000. 30; Withdrew $ 2,500 cash for personal use. 31; Received telephone bill from BTCL amounted to $ 2,000. Required: a) Journalize the transactions for the month of July 2021. [4] b) Prepare necessary T accounts [2.75] c) Prepare a trail balance on July 30, 2021 and prove the arithmetical accuracy of the accounts. [1.25]