Question 2 (28 marks) The following opening balances were extracted from the books of Corn Shop on 1 Feb 2017: Debit Credit N$ N$ Non-Current Assets 98 550 Receivables 11 200 Bank 7 250 Payables 7 130 Electricity Due 940 Capital 94 430 109 750 109 750 The following transaction took place for the month of February 2017: Feb, 2 Purchased goods on credit at a cost of N$7 200. Feb, 5 Sold goods on credit for N$6 000. Feb, 7 Receivables paid N$4 500 by cheque. The payment was after a 10% discount had been allowed; Feb, 14 Purchased goods at a cost of N$5 000, paid for these by cheque; Feb, 19 Payables of N$6 000 were paid by cheque. An additional discount of 5% was received due to the prompt payment; Feb, 21 The outstanding balance of 1 200, owed on electricity was paid by cheque; Feb, 24 Sold goods for cash for N$2 200; Feb, 27 Paid wages and salaries of N$700 by cheque; Feb, 28 Purchased non-current asset of N$4 000, by cheque. You are required to: a) Prepare the necessary journal entries for the above transactions. (10 Marks) b) Post the journal entries in (a) above to the relevant general ledger (T accounts) and balance the ledger accounts as at 28 Feb 2017. (10 Marks) c) Extract the trial balance as at 28 Feb 2017. (8 Marks)