i need help with the individual ledger accounts

Justin Blake operates a Tyre Store on Lakewood Drive. He is the sole owner of the business. He entered into a lease arrangement for a year for the rental of business premises He started the business on January 1, 2021 and the business prepares monthly financial statements. He also entered into a franchise agreement with Allright Limited to sell branded oil products for motor vehicles. He is not much of an accountant but has diligently recorded the following accounting transactions for the month of January 1, 2021: January 1 He deposited $2,000,000 in Paramount Commercial Bank Account as start-up capital. January 2 Upon receipt of cheque books, he paid rent by cheque in the amount of $200,000 on the same day. He also purchased the following items paying by cheque 1) Stationery and office supplies amounting to $40,000 (ii) Office furniture amounting to $400,000 (ii) Computers from Drive Tech Limited amounting to $200,000 January 5 He also purchased: Office fixtures on credit from Office Unlimited amounting to $300,000 (i) Delivery van from Better Vehicle Limited on credit for $2,000,000 January 6 He connected all utilities and opened his shop for business. He paid, by cheque, the connection fees for electricity in the amount of $40,000 and $30,000 for water. He purchased a stock of tyres for resale from TyersRus Limited amounting to $800,000, paying by cheque. He applied and received a loan from Paramount Commercial Bank. The loan terms were as follows: (i) Duration: 3 years (ii) Interest Rate: 6% per annum (ii) Loan amount of $3,600,000. payable in equal monthly instalments. (iv) Interest payment for the first month (January) was agreed at $18,000. (1) The loan amount was deposited directly to his bank account held at Paramount Commercial Bank January 7 He received his first customers and sold tyres for cash amounting to S400.000 January 7 He received his first customers and sold tyres for cash amounting to $400,000 January 12 He placed a second order for tyres (for resale) amounting to $300,000, this time on credit, from Spares Superstores Limited. The tyres were received on the same day. On receipt of the stock of tyres he paid delivery fees of $30,000 in cash. January 14 The tyres were checked and some were found to be faulty. The value of the faulty items amounted to $60,000. He was issued a credit note for the said amount by Spares Superstores Limited on return of the faulty items. January 15 He purchased a motor bike for $100,000 paying by cheque. January 15 He sublet the unused space and received, in cash, rental income of $102,000. January 15 He employed a driver at a weekly salary of $25,000. There are four weeks in the month of January Salaries are paid on the last day of each month. January 15 On the same day he purchased petrol paying, in cash, the amount of $28,000 and he insured the bike and the delivery van. He paid insurance premiums by cheque in the amount of $64,000 for both. January 18 He received an order from Transport Limited for tyres. He sold Transport Limited tyres in the amount of $530,000 on credit for 20 days. January 20 Transport Limited returned to the proprietor, Justin Blake, two defective tyres. The returns amounted to $26,000 January 24 He sold tyres amounting to $84,000 for cash January 27 He made the following cash payments: (i) Janitorial services $ 33.000 (ii) Internet & telephone $ 42,000 (1) Electricity $120,000 (iv) Water $ 22,000 January 28 He received commission income from Allright Limited in the amount of $300,000. This was wired directly to his bank account. January 31 Wages were paid by cheque as follows: (1) Sales clerk $150,000 (ii) Accounting clerk $200,000 (iii) Bearer $ 40,000 January 31 The driver was paid in cash for the period worked. January 31 Justin Blake withdrew $240.000 for personal expenses. This was done by cheque January 31 The driver was paid in cash for the period worked January 31 Justin Blake withdrew $240,000 for personal expenses. This was done by cheque. He also gave his daughter lunch money in cash amounting to $600 per day for 20 days in the month of January January 31 He paid the following amounts by cheques (a) Spares Super Stores Limited $150,000 (b) Better Vehicles Limited $700,000 (e) Office Unlimited $300,000 January 31 He received a cheque from Transport Limited amounting to $375,000 as payment on account January 31 He paid the monthly loan instalment and interest due for month of January by cheque. Requirements 1. (a) Prepare ledger accounts for the month of January and balance all accounts at January 31, 2021. (b) Extract a Trial Balance as at January 31, 2021 2. Following the closing of the Trial balance, the accounting staff carried out stock taking exercise and the unsold stock for the month of January amounted to $550,000 Mr. Blake has asked that: (a) you prepare the profit or loss statement for the month of January as he is anxious to know how well the business is doing. (b) He would also like to know: (1) how the unsold stock would be treated going forward; and (i) why the cost of the items returned to the business was not posted to the sales account as this was returned sales. Provide a brief response to the queries raised by Mr. Blake. (100 words) 3. Mr. Blake received a letter from Spares Super Store Limited with an enclosed statement showing a balance of $300,000 with a demand for full settlement of the statement balance in five days. Provide port and January 31 He received a cheque from Transport Limited amounting to $375,000 as payment on account. January 31 He paid the monthly loan instalment and interest due for month of January by cheque. Requirements 1. (a) Prepare ledger accounts for the month of January and balance all accounts at January 31, 2021. (b) Extract a Trial Balance as at January 31, 2021. 2. Following the closing of the Trial balance, the accounting staff carried out stock taking exercise and the unsold stock for the month of January amounted to $550,000. Mr. Blake has asked that: (a) you prepare the profit or loss statement for the month of January as he is anxious to know how well the business is doing. (b) He would also like to know: ) how the unsold stock would be treated going forward; and (i) why the cost of the items returned to the business was not posted to the sales account as this was returned sales Provide a brief response to the queries raised by Mr. Blake. (100 words) 3. Mr. Blake received a letter from Spares Super Store Limited with an enclosed statement showing a balance of $300,000 with a demand for full settlement of the statement balance in five days. Provide a brief report with sufficient and appropriate information to support Mr. Blake's response to Spares Super Stores. (100 words) LAW OFFICE MANAGEMENT ACCOUNTING AND TECHNOLOGY Page 4 of 4 Assignment No 1 Monday, October 25. 2021