QUESTION 5 Mr Kevin King commenced trading as a wholesale trader on 1 March 2017 with a capital of RMXX,XXX. He opened a bank account of RMXX,XXX and kept a cash account of RMX,XXX. (Use your own figures) During March the following transactions took place: 2nd 2nd 3rd 4th 5th 9th Paid RM1,000 for the first months rent on a small shop, paying by cheque. Bought shop fixtures and fittings by cheque from Shepherd Shop Fittings for RM5,500 Paid business insurance to the local Insurance brokers paying by cheque - RM300. Purchased on credit goods to sell, from Hughes RM5,700 Purchased goods to sell, from Ferguson for RM7,500. Ferguson refused to give any credit so Kevin had to pay by cheque. Sold goods to Mr Mowbray to the value of RM10,000. Kevin allowed him 30 days to pay. 11th A visit to the local stationers resulted in the purchase of many small items for the office. These were paid for in cash to the value of RM350. These expenses are all to be recorded under one miscellaneous office expenses account. 14th Sold goods to Mr Redknapp for RM1,000. He only dealt in cash and therefore asked for a discount. Kevin allowed him a discount of RM20. The remaining RM980 was immediately paid into the bank. 16th Sold goods to Mr Keane for RM6,000 on credit. Sold goods to Mr Southgate for RM 5,000 who paid by cheque. 18th Mr Keane returned RM500 of the goods claiming they were faulty. 23rd Received a cheque from Mr Mowbray paying his account in full. 25th Sent cheque to Hughes to settle in full what was owed to him. 30th Purchased on credit further goods to sell, from Ince for RM2,000 31st Kevin decided to go on a last minute weekend holiday trip. He paid for the flight by drawing a cheque on the business bank account for RM500. Required: a) Journalize the above transactions. b) Balance off the ledger accounts. c) Extract a trial balance at 31 March 2017. (20 marks)