Prepare the general ledger T-accounts showing opening balance, transactions, balance-day adjustments, and closing balance for the month of June 2022.

Also show the opening balance for the next month for assets, liabilities, and equities accounts.

(NOT need to show for revenue and expenses accounts their opening balances for the next month

Transactions in the month of June 2022:

Date	Description	Amount ($)
June 1	Paid general insurance premium	2,921
June 2	Advertising placement fees – Cash	1,981
June 3	Purchase promotional material supplies	815
June 6	Paid rental of business premises	3,845
June 7	Payment to suppliers - on account	2,876
June 8	Rental commission – on account	2,731
June 13	Rental Commission - Cash	3,620
June 14	Cash Withdrawals by Owner	981
June 15	Paid coffee and biscuits for June (staff consumption)	456
June 16	Receive payment from customers on account	2,979

June 20	Advertising Expenses – on account	1,280
June 21	Auction commission – on account	1,811
June 22	Advertising placement fees – on account	1,813
June 23	Paid advertising expenses	614
June 24	Paid lunch with Mr Tan, a customer	344
June 27	Auction Commission – Cash	3,464
June 28	Additional cash contributed by the owner	4,800
June 30	Paid Staff Wages	5,920

The business has the following opening balances on June 1, 2022:

Promotional material supplies $563

Furniture & fittings $27,642

Bank Loan (due December 2023) $20,983

Accounts Payable $7,287

Motor Vehicle $36,371

Accounts Receivable $23,202

Cash at Bank $18,019

Capital?

Extra info:

1. The business was purchased on June 1, 2022.

2. Show three types of revenue:

a. Rental Commission

b. Auction Commission

c. Advertising Fees

All revenues received are for the month of June 2022.

(Tip: Use an appropriate name for each of the T-account of revenue).

3. Rental and insurance period start on June 1.

4. Insurance expenses and promotional material supplies are initially recognized as an asset.

5. Rental expense is initially recognized as an expense.

6. Refer to the following information for the balance-day adjustments:

a) Closing stock of promotional material supplies on 30/6 ($) 895

b) Furniture & fittings scrap value ($) 0

c) Furniture & fittings useful life (years) 2

d) Rent paid for (months) 4

e) Insurance paid for (months) 3

f) Motor vehicle scrap value ($) 4,488

g) Motor vehicle useful life (years) 3

h) Bank loan interest rates (% per year) 11

i) Use 360 days in a year for interest calculation.

7. Use 2 decimal points when relevant.

8. Closing balance for all revenue and expense accounts

- Show the ending balance for all revenue and expense accounts as ‘Closing balance in the General Ledger T-account. No closing entries to the income statement are required.

- NOT required to show the opening balance of the next month for all revenue and expense accounts.