QUESTION

Text Smart Waste $(TSW)is$ a new waste management company situated $in$ Lavistown, $in$ the Cape Flats $of$ Cape Town, incorporated $by$ Shannon Sharpe. Currently, $TSW$ manages waste for small, medium, and large Supermarkets around Cape Town and the Eastern Cape.

The following transactions occurred during March $2022$:

March $1st$

$$ Shannon invested his long$-$time savings into the business, $he$ contributed $R70000$ and a Bakkie $to$ transport the waste $to$ a value $ofR80000$ with a useful life $of$ five years.

$$ Rented Office space $at$ Philippi Village, which $is$ the Headquarters $ofTSW.$ Four months$$ rent was paid $R20000.$

$$ The assets $ofTSW$ were insured $by$ a prominent insurer, ABC Insurance, and paid $R3200$ for March.

March $8th$

$$ Purchased waste management supplies $on$ credit, $R3700.$

March $12th$

$$ Shannon had several meetings with supermarkets $in$ the Philippi and Delf areas. Shannin managed $to$ sign a contract $todo$ waste management for the Goal Supermarket $in$ Delft. $TSW$ did waste management for the March month and earned a cash income $ofR40000.$

$TSW$ collects recyclables from the Waste Management site and sells them $to$ Wykco Recycling $in$ Parrow Industrial. $TSW$ earned $R17000$ from the recyclables they sold and will only receive the money $at$ the end $of$ April.

March $18th$

$$ Purchased fuel for the vehicle, $R1200.$

$$ Distributed cash worth $R1500to$ Luntu.

$$ Purchased additional waste management supplies $on$ credit, $R2500.$

March $31st$

$$ Paid salaries $of$ employees for March, $R8000.$

$$ Paid the March Telephone account, $R800.$

$$ Prepaid insurance for the next two months, $R7400.$

$$ Waste Management supplies used for March amounted $toR4000.$

$NB$: Ignore the effects $of$ depreciation.

You are required $to$:

$1.$ Record the above transaction $in$ the accounting records $ofTSW$ using the General Journal for the month $of$ March $2024.(15$ Marks$)$

$2.$ Record the above transaction $in$ the accounting records $ofTSW$ using the General Ledger for the month $of$ March $2024.(20$ Marks$)$

$3.$ Prepare a Pre$-$Adjustments Trial balance $ofTSWat31$ March $2024.(16$ Marks$)$