Question 02 Recording Transactions in Ledger Accounts - (15 Marks)

Gillian Traders is a sole proprietorship entity which involves in consultancy services and following transactions were done during the month of June 2021. Currently, there is no Accountant in the entity and Mrs. Gillian, the owner, is expecting your support to record the transactions in the General Ledger and then prepare the Trial Balance for the month.

Following transactions were occurred during the month of June 2021

1. Mrs. Gillian invest $500,000 in the business
2. Purchase Electrical equipment $150,000
3. Purchase supplies on credit terms from Mr. Jeff $120,500
4. Purchase office equipment worth of $150,000 from Smarty Office by paying a partly payment of $50,000
5. Provide services and received cash $130,500
6. Paid the office Rent in advance for the full year $120,000. June month charge should be charged as an expense
7. Services provided to Mr. Peakball on credit $220,500
8. Settled Mr Jeff fully with a discount of $500
9. Electricity bill for month is $16,500
10. Mrs. Gillian withdrew $5,000 for an urgent personal matter