Question 1 (a) Record the following business transactions into General Journal form. Identify each transaction by number. Narrations are not required. 1. A business renders services and receives cash of $300 from the customer. 2. Purchased equipment for $45,000, paying $15,000 in cash and giving a promissory note payable for the remainder. 3. Paid $3,000 rent for the month. 4. Jessica started a business and then deposited cash of $5 000 into the business bank account. 5. A company received $80 000 from a customer 'on account'. (10 marks) (b) In the accounting cycle, joumalising and posting closing entries is a required step. Explain why there is a need to use more than one journal to capture the details of transactions in larger businesses. (2 marks) (c) For each transaction below incurred by the Beauty Fitness Centre, indicate where it normally recorded in Special Journals (Cash Receipts Journal, Cash Payment Journal, Sales Journal or Purchases Journal) or General Journal. 1. Owner makes a payment of capital to the business. 2. Purchase of goods from creditors on account. 3. Sales of goods to customers on credit. 4. Purchased supplies of goods for use in the office, for cash. 5. Received a cash refund from a creditor for goods returned. 6. Paid cash for equipment to be used in the office. 7. Sales on goods (not inventory) on account 8. Transfer of revenue and income to profit and loss summary (4 marks) (d) Benjamin is setting up a new business. Before any sales transaction, he bought a small truck for $12,000; a transportable market stall for $1,100; a desktop for $450; and stock of goods for $5,000. He did not pay in full for his stock of goods and still owes $3,000 for them. He borrowed $9,000 from Luke. After the events just described, and before trading starts, he has $1,800 cash in hand and $4,500 in the bank. Required: Calculate the amount of his capital. (4 marks)