Problem:

Richard Keith is a musician and works as a sole

trader operating under the name of Musical Pipeline.

He commences the business on $1$ January $2025.$ You

are provided with Musical Pipeline's chart of

accounts, as well its transactions for the month of

January. You are to prepare a statement of profit or

loss for Musical Pipeline for the month of January

$2025,$ as well as a balance sheet as at $31$ January

In doing so$,$ you will need to:

provide the required journal entries to

record the transactions

post the required journal entries to the

respective ledger accounts

prepare the relevant trial balances

There are no adjusting journal entries required for the

end of the accounting period.