Question 3:

The following recorded journal entries are extracted from Smith & Co during the month of January 2020.

Date	Details			Debit	Credit
1/2/2020	Cash			800,000
	Owners Capital				800,000
1/3/2020	Purchase Expenses			80,000
	Accounts Payable				80,000
1/4/2020	Machine			420,000
	Note Payable				220,000
	Cash				200,000
1/5/2020	Account Receivable			525,000
	Service Revenue				525,000
1/6/2020	Insurance Expense			33,000
	Cash				33,000
1/7/2020	Accounts Payable			52,000
	Cash				52000
1/8/2020	Purchase Expense			600.000
	Accounts Payable				600,000
1/9/2020	Insurance Expenses			20,500
	Cash				20,500
1/10/2020	Owners Drawings			10,800
	Cash				10,800
1/11/2020	Cash			200,500
	Accounts Receivable				200,500

Required:

1. Prepare Ledger Account as per the specimen format.
2. Prepare the Trail balance for the month of January 2020.