QUESTION 1: [answer for Australia law only] In December 2019, Mike Mills opened a miniature golf course to cater for the summer holiday tourists and completed the transactions below during its first month of operations. For the sake of simplicity, GST is ignored.

Required

(a) Prepare general journal entries to record the December transactions.

(b) Post the entries from the general journal to running balance general ledger accounts and enter the posting references in the journal.

(c) Prepare a trial balance as at 31 December 2019.

Dec. 1 2 4 6 15 24 31 31 31 Invested $90 000 capital in the business Purchased golf clubs, balls and other equipment costing S80 000 for $40 000 cash and a loan for $40 000 Pald $1500 for advertising Purchased supplies on credit for $6200 Recorded cash revenue for the first half of the month of $8400. Withdrew $720 from the business bank account for personal use. Recorded cash revenue for the second half of the month of $10 100. Paid wages of $2700 Paid rent for December, $2400. Use the following account titles and numbers. Cash at Bank, 1-100 Supplies, 1-110 Equipment, 1-120 Accounts Payable. 2-100 Loan Payable, 2-110 M. Mills, Capital, 3-100 M. Mills, Drawings. 3-110 Revenue, 4-100 Rent Expense, 5-100 Advertising Expense, 5-110 Wages Expense. 5-120