Question 5 Not yet answered Marked out of 2.00 P Flag question Ledgers The following transactions took place for Smart Ltd during the current accounting period: 1. Purchased $2250 worth of office supplies on credit. The business treats the office supplies as expenses when purchased. 2. Paid wages for the current period of $11850. 3. Paid the electricity bill of $13500 for the current the period. 4. Received $18000 cash from customers that paid in advance for goods to be sold to them next period. 5. Sold inventory goods for $46000 on credit. The original cost of those goods was $32200 6. Paid $3300 in rent for the next period. 7. Inventory worth $32500 is bought on account. Assume that the following opening balances existed in the balance sheet for Smart Ltd at the beginning of the current period: Account name Opening balance Cash $48500 Inventory $51000 Accounts receivable $70000 Accounts payable $58000 Share capital $66000 Retained earnings There are no dividends declared for the current period and no reserve accounts under equity. Required: Record the effects of the above transactions in the ledger accounts. Important: - Write "O" as the date for the opening balance if applicable. Cash Debit Credit