Question 1 Betty Beauty commenced business on 1 May 2021 with a capital of $6,000 of which $1,000 was in cash and $5,000 in a bank current account. The transactions during May 2021 were as follows: 2 May Paid rent of $750 by cheque 5 May Paid wages of $120 in cash 8 May Purchased goods for $1,380 by cheque 10 May Sold goods for $650 in cash 15 May Bought goods on credit for $830 from Mary So 18 May Sold goods on credit for $1,250 to Kelvin Lee 20 May Bought shop fittings of $2,500 by cheque 23 May Paid rates of $325 in cash 25 May Paid electricity of $230 by cheque 30 May Bought stationery of $90 in cash 31 May Received a cheque for $500 from Kelvin Lee Required: (a) Record the above transactions in the ledger of Betty Beauty and then balance off the accounts at the month end of May 2021. (b) Extract a trial balance as at 31 May 2021