Mr. Ali has started business as a trader on 1 October, 2016. The following transactions and events of trading for his first month are as follows:

Date Transaction

1 Started the business by introducing $600,000 into the business bank account.

2 Rent is paid by cheque $20,000 for the month.

8 Mr. Ali paid $40,000 in cash for a van.

10 Mr. Ali purchased goods costing $24,000 on credit from Adam (invoice no Adam123).

12 Mr. Ali sold goods for $80,000 in cash.

15 Mr. Ali sold goods for $55,000 on credit to Jack (invoice no Jack001)

24 Mr. Ali paid the amount, taking advantage of a 10% settlement discount with respect to invoice no. Adam123.

25 Jack paid to Mr. Ali, taking advantage of a 8% settlement discount with respect to invoice no. jack001.

Required:

1- Enter the above transactions into an appropriate cash book.

2- Post the transactions directly to the appropriate nominal ledger accounts.

3- Prepare the trial balance as at October 31, 2016.