I Am The Trend was started on January 2, 2021 by Michael Pearson as a sole proprietorship business. The business trades in an array of coloured and custom made graphic T-shirts. The mission statement of the business is "Dream it, wear it, live it". Michael Pearson's goal is to provide high-quality inexpensive T-shirts for his customers. Today is 10 Feb 2021, and you have been asked as his junior accountant to prepare a complete set of books for the first month of the year and have been presented with the following business transactions for the month: 15-Jan the word "EXTREME" printed on the front of each 1-shirt. I he printing cost was paid in cash, $1,200 per shirt. 15-Jan Paid Tees Limited a cheque for the T-shirts bought on January 10, 2021. \begin{tabular}{|l|l|} \hline 18-Jan & Purchased a Cash Register for $14,500 cash. \\ \hline 21-Jan & Sold three (3) White T-shirts $3,000, each. A cheque was received for the sales. \\ \hline \end{tabular} Sold the following T-shirts on credit to The Tivoli Garden High School Dance Society: Invoice number - IAM01 22-Jan \begin{tabular}{|lc|} \hline 1 White & $3,000 per shirt \\ \hline 1 Black & $3,000 per shirt \\ \hline 2 Navy Blue & $4,000 per shirt \\ \hline 3 Army Green & $4,000 per shirt \\ \hline 1 Royal Blue & $4,000 per shirt \\ \hline \end{tabular} \begin{tabular}{|l|l} 28-Jan & Sold 5 Burgundy T-shirts for cash. Each was sold for $4,000 per shirt. \end{tabular} 29-Jan We received a cheque from the Tivoli Garden High School for the purchase made on January 22,2021. Sold on 3 Black T-shirts on credit for $3,000 each to Marlene Palmer Variety Store. Invoice number - IAM02 Marlene Palmer returned one the T-shirts sold to her due to spelling error. Note \begin{tabular}{|l|l} 31-Jan & Number-CR003 \end{tabular} Additional Information: 1) The closing inventory of T-shirts at January 31, 2021, was valued at $4,500. 2) Please use the invoiceote numbers as indicated in the relevant transactions. Required: (a) Record the above transactions in the appropriate books of original entry for the month of January 2021. 15 marks (b) Post to and balance off the accounts in the relevant ledgers. 20 marks (c) Extract a trial balance. 20 marks (d) Prepare an income statement at the end of the first month of the year. 25 marks (e) Prepare a statement of financial position as at 31 January 2021. 20 marks