Konara Berla a student at Southern Cross Institute started a cycling coaching business incorporated as 'Berla Mundi ' Pty Ltd in Australia. The company was incorporated in June and officially started business in July 2023.

The transactions during the first accounting period are as follows;

July 1 You invested $50,000 into the business

July 12 The business purchased office equipment by cash of $20,000

July 13 The business purchased office supplies on account, $10,000

July 14 Provided service on account, $35,000

July 17 The business paid accounts Payable, $10,000

July 19 Paid wages expense incurred, $15,000

July 21 The business borrowed $40,000 from bank

July 23 Received a bill for utilities used, $3,000 July

July 25 Received a partial payment from customer, $20,000

July 27 You made a withdrawal from the business, $10,000

Required
1. Use the general journal to record the transactions for July 2023, with narrations.
2. Setup the general ledger T accounts and post the journal entries to them.
3. Prepare a Trial Balance on 31st July 2023.
4. Prepare a Statement of Profit or Loss (Income Statement)
5. Prepare a Statement of Changes in Equity
6. Prepare a Statement of Financial Position (Balance Sheet)