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looking for an answer to the following for an accounting ledger Kate commenced business as a sole trader under the name Mug Lover on 1

looking for an answer to the following for an accounting ledger

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Kate commenced business as a sole trader under the name "Mug Lover\" on 1 December, 2018. Mug Lover is based in Burwood, VIC, and has become one of the largest mug wholesalers in the area. The following transactions occurred during the month ofJanuary 2019. Mug Lover is registered for GST. Note: GST needs to be accounted for. n The business borrowed $15,000 from the Westpac at 5% annual interest rate. 9 The business purchased $3,652 of inventory on credit (including GST), net 15. 16 Provided $9,900 of credit sales (including GST), net 15. The cost price of the goods sold was 53,070. m The business paid the outstanding balance for its inventory purchase made on 9 January. A debtor returned unwanted goods totalling S440 (GST Inclusive). The goods returned cost Mug Lover 5132. H Kate paid salaries to her sales staff for the month (Gross salary of $4,320; PAYG of $1,430). Required: Post relevant transactions to the 'Inventory' ledger and calculate the closing balance. (30 marks) Opening balance for the 'Inventory' at 1/1/2019 is $35,450 (DR) Inventory

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