Question 1 (86 Marks) Mr. Lau opened a computer repair shop, "Quick Fix" on 1 July 2023 in Tuen Mun, New Territories, Hong Kong. The business transactions for the month of July are shown below (all currencies in HK$): (1 July) Mr. Lau invested $ 500,000 cash in the business in exchange for 10,000 shares. are Tille (1 July) Mr. Lau paid cash for an office rental for monthly rent of $20,000 on 1 July 2023. noitedimex 1-61M (4 July) Computer equipment was purchased for $ 2000,000 and paid cash. (6 July) Mr. Lau paid (8 July) (15 July) (28 July) Mr. Lau billed customers $ 45,000 for services rendered. Of this amount, $25,000 was received in cash and the remaining $20,000 was billed on account (due 30 days). Furniture and fixture were purchased for $ 80,000. $ 60,000 in cash and remaining balance in 30 days. Office supplies expected to last several months were purchased for $ 20,000 and paid cash. Mr. Lau had his first customer and received cash $ 2,500 for service rendered. (31 July) $8,000 invoice was received for TV and Internet advertisements broadcasted in July. The amount is due in 15 days. (31 July) Paid two employees $ 28,000 cash for salaries of July. Instructions: 1. Prepare journal entries (including explanations) for each transaction. 2. Post each transaction to the appropriate ledger accounts (use the T account format). 3. Prepare a trial balance (unadjusted) dated 31 July 2023. End of Section I

1 (86 Marks) Mr. Lau opened a computer repair shop, "Quick Fix" on 1 July 2023 in Tuen Mun, New Territories, Hong Kong. The business transactions for the month of July are shown below (all currencies in HKS): (1) July) Mr. Lau invested $500,000 cash in the business in exchange for 10,000 shares. (1 July) Mr. Lau paid cash for an office rental for monthly rent of $20,000 on 1 July 2023. (4 July) Computer equipment was purchased for $2000,000 and paid cash. (6 July) Furniture and fixture were purchased for $80,000. Mr. Lau paid $60,000 in cash and remaining balance in 30 days. ( 8 July) Office supplies expected to last several months were purchased for $20,000 and paid cash. (15 July) Mr. Lau had his first customer and received cash $2,500 for service rendered. (28 July) Mr. Lau billed customers $45,000 for services rendered. Of this amount, $25,000 was received in cash and the remaining $20,000 was billed on account (due 30 days). (3) July) $8,000 invoice was received for TV and Internet advertisements broadcasted in July. The amount is due in 15 days. (31 July) Paid two employees $28,000 cash for salaries of July. Instructions: 1. Prepary journal entries (including explanations) for each transaction. 2. Post each transaction to the appropriate ledger accounts (use the T account format). 3. Prepare frial balance (unadjusted) dated 31 July 2023. End of