Michael, a sole proprietor, is in his first year of business. From his records, the following transactions were obtained for January 2011.

Year 2011

January 1 Started with $ 10,300 cash, $15,100 at bank and furniture

$ 19,020 as capital.

1 Bought goods for sale $3,100 on credit from Gerald Jones.

2 Received a bank loan from AVT Bank of $ 3,000.

3.Withdrew $ 500 from bank into the business cash box.

4 Paid utility bill $1000 by bank

5.Paid salary advance $2,500 to his employees by cheque

7Bought stock of goods in cash $ 3,500

8 Paid insurance $2,200 by bank

10 Made sales of goods on credit to Banden Jackson $ 1,100

11 Paid $ 1,500 by check to AVT Bank

12 Bought furniture $ 4,000 on credit from TK Furnitures

14 sales in cash 5,000

15 Banden Jackson returned goods $ 200

16 Paid fees for his children in school $ 3,400 by cheque

17 Deposited $ 1000 cash in to the bank account.

18 Purchased goods worth $ 5400 on credit from Savanah traders

18 Paid Gerald Jones by check.

19 Banden Jackson made part payment of $500 in cash

19 Returned goods 250 to Savannah traders as defective

20 Bought a motor vehicle from JG Motors paying $ 1,000 cash and the balance of 3,000 to be paid later.

21 Made sales $5,000 to Jamleck skinner on credit.

23 Paid rent $4300 through the bank

24 Paid JG Motors $ 1500 in cash

26 Made purchases of goods $ 5,000 on credit from AK Brothers.

27 Sold goods worth $10,000 to Banden Jackson by bank.

31 Paid salaries $4000

Required

(a)Post the above transactions into their relevant ledger accounts.

(b)Extract a trial balance as at 31^st January 2011.