On 1 February 2022, Naomi Duncan opened a car hire business called Cars R Us Pty Ltd. Naomi has discussed opening the new business with an accountant friend who has recommended utilizing the following account titles and numbers for recording the business transactions Account no. Account Description 101 Cash at bank 102 Accounts receivable 110 Supplies 120 Equipment 130 Motor vehicles 2011 Accounts pavable 210 Bank loan Davable 301 Share capital 401 Revenue 510 Rent expense 520 Insurance expense 530 Fuel expense 540 Bank charges 4 Listed below are the transactions which have been entered into by the company during the month ended 28 February 2022 (ignore GST). Februarv 1 Issued shares to investors for $450.000 cash. 2 Monthly rent expense for the premises of $1.200 was directly debited from the bank account. Purchased eight motor vehicles costing $45,000 each and equipment costing $26,000. $225,000 cash was withdrawn from the business bank account to pay for the cars and a bank loan to be paid back in 4 vears' time was taken out for the balance. 4 5 Purchased supplies costing $12.500 on credit. 15 Recorded revenue for the first half of the month of $24,600 deposited to the business bank account in cash and $45.500 on credit. 18 Paid for the supplies purchased on 5 February by transfer from the business bank account. 19 Paid insurance expense for February of $5.000 bv transfer from the business bank account. 24 Received cash of $18,400 from customers who had purchased in the previous mouth earlier in the month on credit. This cash was deposited to the business bank account. 27 Purchased cunnire castina 4 400 on credit 28 Recorded revenue for the second half of the month of $30,500 deposited to the business bank account in cash and $25,800 on credit. 28 Recorded fuel expense of 9.200 paid by transfer to Caltex from the business bank account. * 16 March 2022 L Bank statement for Cars R Us Pty Ltd for the month ended 28 February 2022 Issued by Banking Is Us Ltd Statement Number 113 Account Number 145789 22887 Closing Balance 270,575.00 Date 1 Feb 2 Feb 4 4 Feb 15 Feb 18 Feb 19 Feb 24 Feb 28 Feb 28 Feb 28 Feb Description Opening balance Capital contributed Direct debit - Commercial Landlord Motor Vehicle and Equipment Cash deposit Transfer to Officeworks Transfer to Insurance Specialists Cash deposi Cash deposit Transfer to Caltex Statement and bank channes Payments Receipts Balance 0.00 450,000.00 450,000.00 1,200.00 448,800.00 225.000.00 223.800.00 24.600.00 248.400.00 12,500.00 235,900.00 5,000.00 230,900.00 18.400.00 249.300.00 30.500.00 279.800.00 9,200.00 270,600.00 25.00 27052 7.00 Reamired 1) Prepare the journals for the February transactions. Narrations are not sowirst and no depreciation adjustment or other adjusting entries are necessary. No new general ledger accounts are required to be established or added to the chart of accounts. . (14 marks) 2) Post all the journals from (1) above to the general ledger and prepare a trial balance as a 28 February 2) at 2022. (18 marks) 3) Prepare the following for Cars R Us Pty Ltd: a) Statement of Profit or Loss for the month ended 28 February 2022. b) Calculation of retained earnings for the month of February 2022. c) Classified Statement of Financial Position as at 28 February 2022. (13 marks) (Total = 45 marks which equals 15% of the total course mark) On 1 February 2022, Naomi Duncan opened a car hire business called Cars R Us Pty Ltd. Naomi has discussed opening the new business with an accountant friend who has recommended utilizing the following account titles and numbers for recording the business transactions Account no. Account Description 101 Cash at bank 102 Accounts receivable 110 Supplies 120 Equipment 130 Motor vehicles 2011 Accounts pavable 210 Bank loan Davable 301 Share capital 401 Revenue 510 Rent expense 520 Insurance expense 530 Fuel expense 540 Bank charges 4 Listed below are the transactions which have been entered into by the company during the month ended 28 February 2022 (ignore GST). Februarv 1 Issued shares to investors for $450.000 cash. 2 Monthly rent expense for the premises of $1.200 was directly debited from the bank account. Purchased eight motor vehicles costing $45,000 each and equipment costing $26,000. $225,000 cash was withdrawn from the business bank account to pay for the cars and a bank loan to be paid back in 4 vears' time was taken out for the balance. 4 5 Purchased supplies costing $12.500 on credit. 15 Recorded revenue for the first half of the month of $24,600 deposited to the business bank account in cash and $45.500 on credit. 18 Paid for the supplies purchased on 5 February by transfer from the business bank account. 19 Paid insurance expense for February of $5.000 bv transfer from the business bank account. 24 Received cash of $18,400 from customers who had purchased in the previous mouth earlier in the month on credit. This cash was deposited to the business bank account. 27 Purchased cunnire castina 4 400 on credit 28 Recorded revenue for the second half of the month of $30,500 deposited to the business bank account in cash and $25,800 on credit. 28 Recorded fuel expense of 9.200 paid by transfer to Caltex from the business bank account. * 16 March 2022 L Bank statement for Cars R Us Pty Ltd for the month ended 28 February 2022 Issued by Banking Is Us Ltd Statement Number 113 Account Number 145789 22887 Closing Balance 270,575.00 Date 1 Feb 2 Feb 4 4 Feb 15 Feb 18 Feb 19 Feb 24 Feb 28 Feb 28 Feb 28 Feb Description Opening balance Capital contributed Direct debit - Commercial Landlord Motor Vehicle and Equipment Cash deposit Transfer to Officeworks Transfer to Insurance Specialists Cash deposi Cash deposit Transfer to Caltex Statement and bank channes Payments Receipts Balance 0.00 450,000.00 450,000.00 1,200.00 448,800.00 225.000.00 223.800.00 24.600.00 248.400.00 12,500.00 235,900.00 5,000.00 230,900.00 18.400.00 249.300.00 30.500.00 279.800.00 9,200.00 270,600.00 25.00 27052 7.00 Reamired 1) Prepare the journals for the February transactions. Narrations are not sowirst and no depreciation adjustment or other adjusting entries are necessary. No new general ledger accounts are required to be established or added to the chart of accounts. . (14 marks) 2) Post all the journals from (1) above to the general ledger and prepare a trial balance as a 28 February 2) at 2022. (18 marks) 3) Prepare the following for Cars R Us Pty Ltd: a) Statement of Profit or Loss for the month ended 28 February 2022. b) Calculation of retained earnings for the month of February 2022. c) Classified Statement of Financial Position as at 28 February 2022. (13 marks) (Total = 45 marks which equals 15% of the total course mark)