Big Tree Retailer operates in DownTown Kingston. The store was opened on 1st June 2020. The following information relates to the transactions for the first month of doing business.

June

1 Started business with $50,000 cash and a motor vehicle valuing $80,000.

2 Received a cheque representing a loan from City Bank for $125,000.

3 Bought equipment by cheque $25,000.

3 Paid a cheque for $75,000 to cover the costs of goods bought for resale.

5 Received cash of $57,500 for goods bought from us.

5 Purchased an office desk on credit from S&L Office Supplies $82,500.

6 Sold merchandise on credit to Pearly Dress Shop $62,500.

8 Bought goods on credit from Maxwell Designers $46,000.

9 Sold goods on credit to Maxines Dress Shop for $37,500.

11 Paid cash of $7,500 for office stationery.

12 Returned defective goods to Maxwell Designers which cost $3,000.

14 Bought goods on credit from Star Creations $16,250.

14 Sold goods to Dreams Department Store receiving a cheque for $62,500.

16 Pearlys Dress Shop settled their account with cash receiving a discount of 5%.

17 Deposited cash of $36,000 in the business bank account.

18 Maxines Dress shop returned merchandise bought on June 9; valuing $2,700.

19 Paid Maxwell Designers $40,000 in full settlement of the balance outstanding by cheque; having received a discount of $3,000.

20 Paid S&L Office Supplies $42,500 from personal funds.

22 The owner of Big Tree Retail Store took merchandise for his personal use valuing $12,000.

25 Interest income of $7,500 was received in cash.

25 Paid wages by cash $52,000.

27 Paid rent $22,000 by cheque.

27 Paid water rates $15,000 by cash.

27 Paid electricity $30,000 by cheque.

Required

C. Balance off all accounts in the ledgers and extract a trial balance.