Question 2: Double Entry Book Keeping Mike Murphy has opened a furniture shop in the south of Ireland. The following information relates to the first month of trading for Mike who began trading on the 15 April 2021. There was no closing inventory at the end of April. 1 April: To start his business, Mike obtained a long-term loan of 60,000 from his local bank. This money was lodged in the business bank account on this date. 3 April: Mike rented a shop from where he intends to sell his furmiture. He paid 3,000 by cheque for the first month's rent. 5 April: After interviewing a number of candidates, Mike hired two employees agreeing to pay an annual salary of 24,000 each. Mike paid both employees a full month's salary for April on this date by direct debit 6 April: Mike paid 1,500 by cheque for advertising on the local radio station. 8 April: Mike purchased equipment for use in the business casting 8,000 and paid for this by cheque. 9 April: Mike purchased furniture (for resale) from a supplier for 15,000 and paid by cheque. 11 April: Cash sales amounted to 30,000 and the money was lodged into the business bank account on the same day. 13 April: Mike purchased furniture for use in the business costing 9,000 by cheque. 15 April: Mike purchased furniture for resale) from a supplier for 20,000. Mike purchased these goods on credit receiving 2 month's credit from the supplier. 17 April: Mike paid 750 for a light and heat bill for the first month's expense by cheque. 19 April: Credit sales were 45,000. One month's credit was given to the customers. 21 April: Mike took 2,000 from the business bank account for personal use. 24 April: Sales returns for April amounted to 1,200. These sales returns related to credit sales The customer had not paid for the goods by this date. Requirement: a) Write up and balance the nominal ledger accounts of Mike's business to 30 April 2021. (30 marks) b) Extract a Trial Balance of Mike's business on 30 April 2021