Glory Pty Ltd starts the new financial year with only two accounts balances. Cash $40 000 and Share capital $40 000. The following transactions occurred during the July 2021.

July	1	Glory deposited $200 000 cash in the bank account.
	5	Paid monthly rent on equipment, $900.
	9	Paid $110 000 cash to purchase land for an office site.
	10	Purchased office supplies on credit, $5 000.
	19	Took out a $70 000 loan from the bank for business use.
	22	Paid $4 000 on account.
	28	Service Revenues earned during the month included $12 000 cash and $ 40 000 on credit.
	28	Paid employees salaries $7 500, office rent $3 000, and electricity and gas $1 500. (Make a single compound entry.)

The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Loan payable; Owners equity (or capital); Share capital, Service revenue; Salary expense; Rent expense; Electricity and gas expense.

Requirements

1. Prepare journal entries for the above transactions for July 2021. Narrations (Explanations) are not required. (10 marks)

Use the following table for your journal entries.

Date	Accounts	Debit	Credit

2. Post the transactions to the ledgers using T-accounts or running balance, using transaction dates as posting references. Label the balance of each account as Bal, and make sure all details are shown in each T-account. (13 marks)

Here is a T-account you can copy and paste for each account balance

Account balance name
	Ref	Amount	Ref	Amount

3. Prepare the trial balance of Glory Pty Ltd, as at 31 July 2021. (2 marks)

Insert (i.e. create) a table in the form of a trail balance

4. Prepare the Income Statement for Glory Pty Ltd, for the month ending 31 July 2021. (3 marks)

5. Prepare the Balance Sheet for Glory Pty Ltd, as at 31 July 2021. (2 marks)

6. Writing a brief report (10 marks)