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The following transactions relate to a small pastry shop, Wallace Foods, which sell baked products located in the May Pen area for the month of June 2019. Wallace Foods June 01 Started the business with $160 000 in a bank account and $40 000 cash. June 03 Bought equipment on credit from Raymar James for $16 000 June 05 Purchased goods on credit from L. Wong for $50 000. June 08 Sent an invoice to Carl Samuels for $60 000, less 10% trade discount June 09 Cash sale $10 000 June 12 Sold goods on credit to J. Davis, $24 000 June 14 Returned goods worth $3 000 to L. Wong. June 15 Prepared a credit note for Carl Samuels in relation to damaged goods, $10 000. June 17 Received an invoice from Captains for goods valued at $28 000, less 25% trade discount. June 20 Paid L. Wong the amount owing on his account with a cheque. June 21 Paid rent $24 000 cash June 24 Received a cash loan from J. Murray for $20 000 June 27 Owner withdrew $12 000 cash for personal use June 29 Purchased $40 000 goods on credit from L. Wong June 30 Electricity $25 000, salary $56 000 and telephone $13 600 were paid by cheque. o Closing Stock was valued at $100 000 REQUIREMENTS: 1. Prepare the General, Purchases, Sales, Returns Inwards and Returns Outwards journals for Wallace Foods for the month of June. (8 marks) 2. Draw up the Cashbook for Wallace Foods. (7 marks) 3. Show the Three (3) ledgers for the period of June 2019. (20 marks) 4. Extract a Trial Balance for June 2019. (10 marks) 5. Prepare the final accounts- Income Statement and Balance Sheet for the end of June 2019. (15 marks) The following transactions relate to a small pastry shop, Wallace Foods, which sell baked products located in the May Pen area for the month of June 2019. Wallace Foods June 01 Started the business with $160 000 in a bank account and $40 000 cash. June 03 Bought equipment on credit from Raymar James for $16 000 June 05 Purchased goods on credit from L. Wong for $50 000. June 08 Sent an invoice to Carl Samuels for $60 000, less 10% trade discount June 09 Cash sale $10 000 June 12 Sold goods on credit to J. Davis, $24 000 June 14 Returned goods worth $3 000 to L. Wong. June 15 Prepared a credit note for Carl Samuels in relation to damaged goods, $10 000. June 17 Received an invoice from Captains for goods valued at $28 000, less 25% trade discount. June 20 Paid L. Wong the amount owing on his account with a cheque. June 21 Paid rent $24 000 cash June 24 Received a cash loan from J. Murray for $20 000 June 27 Owner withdrew $12 000 cash for personal use June 29 Purchased $40 000 goods on credit from L. Wong June 30 Electricity $25 000, salary $56 000 and telephone $13 600 were paid by cheque. o Closing Stock was valued at $100 000