Bertie opened business in a disused warehouse on the 31^st March 2012. The following transactions occurred during the first month of operations.

March 1 Bertie invested $20 000 to commence business. He also arranged a loan of $40 000 from UGO Finance (at 5% pa interest) to fund the Warehouse purchase.

2 Bertie leased two delivery vans agreeing to pay a lease fee of $2 500 per month for the three years of the lease to Charlies Lease Co. Payable on the 28^th of each month.

3 Purchased equipment totalling $10 000 by issuing a cheque for $5 000 and signing a commercial loan agreement for $5 000 with UGO Finance.

4 Purchased inventory supplies for $10 000 cash.

6 Paid advertising expense for $250 for the month.

16 Recorded revenue for the first half of the month of $7 500 in cash and $2 500 on account. The cost of these sales was $4 200.

20 Paid insurance expense for March of $450.

21 Purchased Additional Supplies $10 200. $4 200 cash and the balance due in 30 days.

23 Received a $550 payment from customers on account.

28 Bertie withdrew $1000 cash for personal living expenses.

31 Recorded revenue for the second half of the month of $10 720 in cash and $3000 on account. Goods sold had cost $5 590.

31 Paid telephone account of $210.

31 Paid the first months lease fee on motor vehicles

31 Depreciation expense on equipment for the month $500, and on the Warehouse $1000

31 It is estimated that 5% of Debtors will not be collectable

31 Interest expense (all borrowings) for the month is $700

Required

Prepare a trial balance at 31 March 2021

Post closing entries in the general journal

Post the closing entries to the ledger accounts and balance the accounts

Prepare a post-closing Trial Balance

Prepare the Profit and Loss Statement