Question 1 The following transactions were recorded for Next Page bookshop in May 2020: 1st May The owner provided 65,000 to the business in cash. 3rd May 23,600 of the business cash is placed into the business bank account. 4th May The business pays for its Rent, 900, paid for by cheque. 5th May The business pays for its Electricity, 1,550, paid for in cash. 7th May The business purchases books for the bookshop, 3,700, paid for by cheque. 9th May The business pays for its Insurance, 170, in cash. 12th May The business purchases 4,000 worth of stock on credit from Books to Go. 14th May The business sells 330 worth of books to a customer who pays in cash. 15th May The business sells 900 worth of books on credit to a customer named R. Graves. 18th May R. Graves returns 370 worth of the books he bought on the 15th. 19th May The business returns 520 worth of stock back to Books to Go. 20th May The business pays Books to go the amount owing by cheque after a discount of 10% is received. 21st May Credit customer R. Graves pays the business the amount owed by cheque. The business allows a discount of 5%. 25th May The owner takes 590 from the business bank for personal use. At the end of the month, the accounts were balanced off and a Trial Balance created. Answer the following regarding the Trial Balance: 1.1) What is the balance of the Capital account? 1.2) Is the Capital account a debit balance, credit balance or closed off? 1.3) What is the balance of the Cash account? 1.4) Is the Cash account a debit balance, credit balance or closed off? 1.5) What is the balance of the Bank account? 1.6) Is the Bank account a debit balance, credit balance or closed off? 1.7) What is the balance of the Rent account? 1.8) Is the Rent account a debit balance, credit balance or closed off? 1.9) What is the balance of the Electricity account? 1.10) Is the Electricity account a debit balance, credit balance or closed off? 1.11) What is the balance of the Purchases account? 1.12) Is the Purchases account a debit balance, credit balance or closed off? 1.13) What is the balance of the Insurance account? 1.14) Is the Insurance account a debit balance, credit balance or closed off? 1.15) What is the balance of the Sales account? 1.16) Is the Sales account a debit balance, credit balance or closed off? 1.17) What is the balance of the Returns In account? 1.18) Is the Returns In account a debit balance, credit balance or closed off? 1.19) What is the balance of the Returns out account? 1.20) Is the Returns out account a debit balance, credit balance or closed off? 1.21) What is the balance of the Discounts Received account? 1.22) Is the Discounts Received account a debit balance, credit balance or closed off? 1.23) What is the balance of the Discounts Allowed account? 1.24) Is the Discounts Allowed account a debit balance, credit balance or closed off? 1.25) What is the balance of the Drawings account? 1.26) Is the Drawings account a debit balance, credit balance or closed off? 1.27) What is the total of the debit balances? 1.28) What is the total of the credit balances